The Buyer Agency Agreement is a crucial document in Nigerian real estate transactions that formalizes the relationship between a property buyer and their chosen real estate agent. This agreement is essential when a buyer seeks professional representation in identifying, evaluating, and negotiating property purchases. The document must comply with Nigerian legislation, including the Estate Surveyors and Valuers Registration Act, Contract Law, and Property Law. It typically includes detailed provisions about the agent's duties, compensation structure, term of representation, and the scope of authority granted to the agent. The agreement protects both parties' interests by clearly defining their rights, responsibilities, and expectations throughout the property acquisition process.
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1. Parties: Identifies and provides full details of the buyer (principal) and the real estate agent (agent)
2. Background: Establishes the context of the agreement, including the buyer's intention to purchase property and the agent's qualifications
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Appointment and Authority: Formally establishes the agency relationship and defines the scope of the agent's authority
5. Agent's Services and Duties: Detailed description of services the agent will provide, including property search, negotiations, and advisory services
6. Buyer's Obligations: Outlines the buyer's responsibilities, including providing accurate information and cooperating with the agent
7. Duration of Agreement: Specifies the term of the agreement, including start date and end date
8. Compensation: Details the agent's fees, commission structure, and payment terms
9. Confidentiality: Governs the handling of confidential information shared during the agency relationship
10. Termination: Specifies conditions and procedures for ending the agreement
11. Governing Law: Confirms Nigerian law as governing law and jurisdiction for disputes
12. General Provisions: Standard contractual provisions including notices, amendments, and entire agreement clause
1. Exclusivity: Optional clause establishing whether the agency relationship is exclusive or non-exclusive
2. Property Specifications: Detailed criteria for the type of property the buyer is seeking, used when buyer has specific requirements
3. International Transactions: Additional provisions for international buyers or cross-border transactions
4. Multiple Buyers: Special provisions when representing multiple buyers as a group
5. Virtual Services: Provisions for remote property viewings and digital services, particularly relevant for international clients
6. Force Majeure: Provisions for unforeseen circumstances preventing performance of obligations
7. Anti-Money Laundering Compliance: Specific provisions regarding AML compliance, particularly important for high-value transactions
1. Schedule A - Fee Structure: Detailed breakdown of all fees, commissions, and payment terms
2. Schedule B - Property Requirements: Detailed specifications of the type of property being sought
3. Schedule C - Scope of Services: Comprehensive list of services to be provided by the agent
4. Schedule D - Required Documents: List of documents required from the buyer for proper representation
5. Appendix 1 - Agent's Credentials: Copies of agent's licenses, certifications, and professional memberships
6. Appendix 2 - Power of Attorney: If applicable, power of attorney documentation for the agent to act on buyer's behalf
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Legal Services
Financial Services
Commercial Property
Residential Property
Investment Management
Asset Management
Property Management
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Acquisitions
Investment
Contract Administration
Risk Management
Operations
Business Development
Relevant Roles
Real Estate Agent
Property Buyer
Legal Counsel
Property Manager
Real Estate Broker
Compliance Officer
Contract Manager
Real Estate Investment Manager
Property Development Manager
Estate Surveyor
Transaction Manager
Real Estate Consultant
Property Acquisition Specialist
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