The Agency Agreement For The Sale Of Residential Property is a crucial document in New Zealand's real estate industry, designed to formalize the relationship between real estate agents and property owners who wish to sell their residential properties. This agreement is mandated by the Real Estate Agents Act 2008 and must comply with various New Zealand regulations, including the Real Estate Agents (Professional Conduct and Client Care) Rules 2012. It is used when a property owner engages a real estate agent to market and sell their residential property, setting out the terms of engagement, commission structures, marketing strategies, and respective obligations of both parties. The agreement provides legal protection for all parties involved and ensures transparency in the property sale process, including clear disclosure of any potential conflicts of interest or material information that could affect the sale.
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1. Parties: Identification of the agent/agency and the client (property owner)
2. Background: Context of the agreement and brief description of the property to be sold
3. Definitions: Key terms used throughout the agreement
4. Appointment and Agency: Formal appointment of the agent and type of agency (sole, general, or exclusive)
5. Property Details: Comprehensive description of the property including address, title details, and any pertinent features
6. Agent's Obligations: Detailed listing of all services and duties the agent will perform
7. Client's Obligations: Client's responsibilities and commitments during the agency period
8. Commission and Fees: Detailed breakdown of all fees, commission structures, and payment terms
9. Marketing and Advertising: Agreed marketing strategy, costs, and responsibilities
10. Duration and Termination: Term of the agreement and conditions for termination
11. Confidentiality: Privacy and confidentiality obligations of both parties
12. Disputes Resolution: Process for handling disputes between parties
13. Execution: Signing provisions and declaration of understanding
1. Multiple Owners: Additional provisions when the property has multiple owners
2. Overseas Investment: Special provisions for properties that might attract overseas buyers, requiring compliance with Overseas Investment Act
3. Tenancy Provisions: Specific clauses dealing with existing tenancies in the property
4. Body Corporate: Additional provisions for properties that are part of a body corporate
5. Special Conditions: Any unique requirements or conditions specific to the property or client
6. GST Provisions: Special GST clauses when the property sale may be subject to GST
7. Property Access: Specific arrangements for property access during the marketing period
1. Property Schedule: Detailed description of the property, including chattels and fixtures
2. Commission Schedule: Detailed breakdown of commission calculations and scenarios
3. Marketing Schedule: Comprehensive marketing plan and associated costs
4. Disclosure Statement: Mandatory disclosures required under the Real Estate Agents Act
5. Property Condition Report: Current condition of the property and any known issues
6. Proof of Ownership: Copy of title and proof of owner's authority to sell
7. Agency Authority Form: Standard form required under New Zealand real estate regulations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Legal Services
Property Management
Financial Services
Professional Services
Relevant Teams
Real Estate Sales
Legal
Compliance
Risk Management
Contract Administration
Property Management
Business Development
Operations
Document Control
Relevant Roles
Real Estate Agent
Property Manager
Real Estate Branch Manager
Compliance Officer
Legal Counsel
Contract Administrator
Sales Manager
Real Estate Director
Property Consultant
Business Development Manager
Risk Manager
Document Controller
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