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Exclusive Buyer Agreement for Malaysia

Exclusive Buyer Agreement Template for Malaysia

This document establishes an exclusive relationship between a buyer and a real estate agent/agency in Malaysia, governed by Malaysian law. It outlines the terms under which the agent will act as the buyer's sole representative in property searches and negotiations. The agreement details the scope of services, exclusivity period, agent's obligations, buyer's commitments, and compensation structure, all while adhering to Malaysian real estate regulations and the Contracts Act 1950. It includes provisions for protecting both parties' interests and ensures compliance with local property transaction requirements.

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What is a Exclusive Buyer Agreement?

The Exclusive Buyer Agreement is a crucial document in Malaysian real estate transactions that formalizes the relationship between a property buyer and their chosen real estate agent. This agreement is particularly important in the Malaysian market where property transactions require careful navigation of local regulations and market practices. The document is used when a buyer wishes to engage an agent's services exclusively for finding and negotiating property purchases, typically for a specified period. It includes detailed terms about the agent's services, commission structures, and obligations under Malaysian law. The agreement protects both parties' interests by clearly defining the scope of the exclusive relationship and ensuring compliance with Malaysian real estate regulations, including the Real Estate and Housing Developers (Control and Licensing) Act 1966 and related legislation.

What sections should be included in a Exclusive Buyer Agreement?

1. Parties: Identifies and provides full details of the buyer and the real estate agent/agency

2. Background: Explains the context of the agreement and the buyer's intention to engage the agent exclusively

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Scope: Details the exclusive appointment of the agent and the scope of services to be provided

5. Term of Agreement: Specifies the duration of the exclusive relationship

6. Agent's Obligations: Lists the duties and responsibilities of the agent

7. Buyer's Obligations: Details the responsibilities and commitments of the buyer

8. Exclusivity Terms: Specifies the nature and extent of the exclusive relationship

9. Fees and Payment Terms: Details the agent's fees, payment structure, and timing

10. Confidentiality: Addresses the handling of confidential information

11. Termination: Specifies conditions and procedures for ending the agreement

12. Governing Law: Confirms Malaysian law as governing law and jurisdiction

13. General Provisions: Includes standard contractual provisions like notices, amendments, and severability

What sections are optional to include in a Exclusive Buyer Agreement?

1. Force Majeure: Optional clause for unforeseen circumstances preventing performance, particularly relevant in uncertain market conditions

2. Digital Communications: Optional section regarding the use and validity of electronic communications and digital signatures

3. Dispute Resolution: Optional detailed procedures for handling disputes, including mediation or arbitration

4. Assignment: Optional clause if either party might need to transfer rights under the agreement

5. Multiple Properties: Optional section when the buyer intends to purchase multiple properties

6. International Transactions: Optional provisions for international property searches or overseas buyers

7. Property Type Restrictions: Optional section specifying any limitations on property types or zones

What schedules should be included in a Exclusive Buyer Agreement?

1. Schedule 1: Service Details: Detailed description of services to be provided by the agent

2. Schedule 2: Fee Structure: Detailed breakdown of fees, commissions, and payment terms

3. Schedule 3: Buyer's Requirements: Specific criteria for property search including location, price range, and property specifications

4. Schedule 4: Excluded Properties: List of properties already viewed or excluded from the agreement

5. Appendix A: Agent's Credentials: Agent's licenses, certifications, and professional memberships

6. Appendix B: Required Documents: List of documents required from both parties during the engagement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Ƶ

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions





















Clauses




























Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Industrial Property

Retail Property

Hospitality

Corporate Services

Professional Services

Investment Management

Relevant Teams

Legal

Real Estate

Property Acquisition

Compliance

Contract Administration

Corporate Services

Investment

Business Development

Risk Management

Relevant Roles

Real Estate Agent

Property Consultant

Legal Counsel

Contracts Manager

Property Manager

Business Development Manager

Investment Manager

Acquisition Manager

Real Estate Director

Compliance Officer

Corporate Lawyer

Property Acquisition Specialist

Real Estate Investment Advisor

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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