The Agency Agreement For The Sale Of Residential Property is a crucial document in Malaysian real estate transactions, used when a property owner wishes to engage a professional real estate agent to market and sell their residential property. This agreement is essential for compliance with Malaysian real estate regulations, particularly the Valuers, Appraisers, Estate Agents and Property Managers Act 1981. It establishes the legal framework for the agency relationship, defining the agent's authority, responsibilities, commission structure, and marketing approach. The document protects both parties' interests by clearly outlining terms of engagement, property details, pricing strategy, and dispute resolution procedures. It's particularly important in the Malaysian context where real estate transactions must follow specific regulatory requirements and professional standards.
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1. Parties: Identification of the property owner (Principal) and the licensed real estate agent (Agent), including registration/license numbers
2. Background: Context of the agreement, including brief property description and intention to appoint agent
3. Definitions: Key terms used in the agreement including Property, Services, Commission, Exclusive Period, etc.
4. Appointment and Authority: Formal appointment of agent and scope of authority granted
5. Duration of Agreement: Term of the agency agreement, including start and end dates
6. Agent's Services and Obligations: Detailed listing of services to be provided and agent's responsibilities
7. Principal's Obligations: Property owner's responsibilities and obligations to the agent
8. Commission Structure: Agreed commission rate, calculation method, and payment terms
9. Property Details: Comprehensive description of the property and agreed selling price
10. Marketing and Advertising: Terms regarding marketing strategy, advertising approvals, and costs
11. Termination: Conditions and process for ending the agreement
12. Liability and Indemnity: Provisions regarding liability limitations and indemnification
13. Governing Law: Specification of Malaysian law as governing law
14. Dispute Resolution: Process for handling disputes between parties
15. Notices: Method and addresses for formal communications
16. General Provisions: Standard boilerplate clauses including entire agreement, amendments, etc.
1. Exclusivity: Section defining exclusive agency rights - used when the agreement is exclusive rather than non-exclusive
2. Sub-Agents: Terms for appointment of sub-agents - included when sub-agents are permitted
3. International Marketing: Additional provisions for international marketing efforts - used when targeting foreign buyers
4. Virtual Viewings: Terms regarding virtual property viewings and online marketing - relevant for digital marketing strategies
5. Post-Termination Obligations: Obligations surviving termination - used in complex arrangements
6. Data Protection: Specific data protection and privacy terms - important when handling personal data extensively
7. Force Majeure: Provisions for unforeseen circumstances - relevant in uncertain market conditions
1. Schedule 1 - Property Details: Detailed property specifications, including lot number, title details, and exact location
2. Schedule 2 - Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment terms
3. Schedule 3 - Marketing Plan: Comprehensive marketing strategy and advertising plan
4. Schedule 4 - Agent's License and Credentials: Copies of agent's professional licenses and certifications
5. Schedule 5 - Property Documentation: List of property-related documents provided by the principal
6. Appendix A - Property Photographs: Official photographs of the property for marketing purposes
7. Appendix B - Property Floor Plan: Detailed floor plan and property measurements
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Property Management
Residential Property
Professional Services
Legal Services
Relevant Teams
Legal
Real Estate
Sales
Compliance
Business Development
Property Management
Contract Administration
Documentation
Risk Management
Relevant Roles
Real Estate Agent
Property Agent
Real Estate Broker
Property Manager
Legal Counsel
Compliance Officer
Property Developer
Sales Director
Business Development Manager
Contract Administrator
Real Estate Partner
Property Consultant
Agency Director
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