The Real Estate Agent Agreement Contract is a fundamental document used in the Indian real estate market to formalize the relationship between property owners and real estate agents. This agreement becomes necessary when a property owner wishes to engage a professional real estate agent or agency to market and facilitate the sale or lease of their property. The document must comply with the Real Estate (Regulation and Development) Act 2016 (RERA) and relevant state regulations, making it essential for both residential and commercial property transactions. It includes crucial details such as the agent's RERA registration, commission structure, scope of services, marketing responsibilities, and the duration of the engagement. The agreement serves as a protective mechanism for both parties by clearly defining their rights, obligations, and the terms of their professional relationship.
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1. Parties: Identification of the property owner/seller and the real estate agent, including RERA registration details of the agent
2. Background: Context of the agreement, including brief description of the property and the owner's intention to engage the agent
3. Definitions: Key terms used throughout the agreement, including 'Property', 'Commission', 'Exclusive Rights', etc.
4. Appointment and Scope: Terms of the agent's appointment and detailed scope of services to be provided
5. Duration: Term of the agreement, including start date and end date or renewal provisions
6. Agent's Rights and Obligations: Detailed responsibilities of the agent, including marketing, showing property, negotiating, etc.
7. Owner's Rights and Obligations: Responsibilities of the property owner, including providing accurate information and access to the property
8. Commission Structure: Detailed breakdown of commission rates, payment terms, and conditions for commission eligibility
9. Marketing and Advertising: Terms regarding marketing strategies, advertising costs, and approved methods of property promotion
10. Confidentiality: Provisions regarding confidential information and its protection
11. Termination: Conditions and process for terminating the agreement
12. Governing Law and Jurisdiction: Specification of applicable laws and jurisdiction for dispute resolution
13. Notices: Process and requirements for formal communications between parties
14. Entire Agreement: Standard clause confirming the agreement represents the complete understanding between parties
1. Exclusive Agency Rights: Used when granting exclusive rights to the agent to sell/lease the property
2. Sub-Agents: Include when the agent is permitted to appoint sub-agents
3. International Marketing: Include for high-value properties requiring international marketing efforts
4. Post-Termination Obligations: Used when specific obligations continue after agreement termination
5. Property Management Services: Include when agent will provide additional property management services
6. Digital Marketing Rights: Specific provisions for digital and social media marketing
7. Force Majeure: Include specific provisions for unforeseen circumstances affecting performance
8. Non-Compete Clause: Used when restricting owner from engaging other agents during the term
1. Schedule A - Property Details: Detailed description of the property, including location, dimensions, and specifications
2. Schedule B - Commission Structure: Detailed breakdown of commission rates, including any sliding scales or special circumstances
3. Schedule C - Marketing Plan: Detailed marketing strategy and timeline
4. Schedule D - Required Documents: List of documents required from the owner for property listing
5. Appendix 1 - RERA Compliance Checklist: Checklist ensuring compliance with RERA requirements
6. Appendix 2 - Agency Authorization Form: Standard form authorizing the agent to act on behalf of the owner
7. Appendix 3 - Property Photos and Floor Plans: Visual documentation of the property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Retail Property
Industrial Property
Hospitality
Mixed-use Development
Construction
Property Management
Relevant Teams
Legal
Real Estate
Sales
Business Development
Compliance
Operations
Property Management
Contract Administration
Risk Management
Asset Management
Relevant Roles
Real Estate Agent
Property Manager
Business Development Manager
Legal Counsel
Property Owner
Real Estate Broker
Compliance Officer
Sales Director
Contract Manager
Real Estate Consultant
Property Developer
Portfolio Manager
Asset Manager
Regional Sales Manager
Managing Director
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