The Buyer Representation Agreement is a crucial document in New Zealand real estate transactions that formalizes the relationship between a property buyer and their chosen real estate agent. This agreement is particularly important when a buyer seeks dedicated representation in their property search and acquisition process. The document is designed to comply with New Zealand's Real Estate Agents Act 2008 and associated regulations, providing clear terms for the agency relationship, defining the scope of services, outlining commission structures, and establishing both parties' rights and obligations. The agreement protects both the buyer's interests and the agent's right to compensation while ensuring transparency and professional accountability in the property acquisition process.
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1. Parties: Identification of the buyer and the real estate agent/agency, including full legal names, addresses, and contact details
2. Background: Context of the agreement, including the buyer's intention to purchase property and the agent's licensed status
3. Definitions: Key terms used throughout the agreement, including 'Property Requirements', 'Agency Period', 'Commission', and other relevant terms
4. Appointment and Agency Period: Formal appointment of the agent and specification of the duration of the agreement
5. Agent's Services: Detailed description of services to be provided by the agent, including property search, negotiations, and advisory services
6. Agent's Obligations: Legal and professional obligations of the agent, including duties of care, disclosure, and compliance with relevant legislation
7. Buyer's Obligations: Requirements and commitments from the buyer, including providing accurate information and maintaining communication
8. Commission and Fees: Detailed structure of agent compensation, including circumstances triggering payment and payment terms
9. Confidentiality: Obligations regarding confidential information shared during the agency relationship
10. Termination: Conditions and process for ending the agreement, including notice requirements
11. Dispute Resolution: Process for handling disagreements between parties
12. General Provisions: Standard legal clauses including governing law, amendments, and notices
1. Dual Agency: Required when the agent may potentially represent both buyer and seller, outlining how conflicts will be managed
2. International Buyer Provisions: Required for overseas buyers, including Overseas Investment Office requirements and additional compliance obligations
3. Property Finding Service: Optional section detailing specific property search and shortlisting services if offered
4. Due Diligence Support: Optional section outlining the agent's role in supporting property investigations and due diligence
5. Auction Bidding Services: Required when the agent will represent the buyer at auctions, including specific authorities and processes
1. Schedule 1 - Property Requirements: Detailed specifications of the buyer's property requirements, including location, price range, and essential features
2. Schedule 2 - Fee Structure: Detailed breakdown of all fees, commissions, and payment terms
3. Schedule 3 - Agency Services: Comprehensive list of services included in the agreement
4. Appendix A - Proof of Agent's License: Copy of the agent's current real estate license
5. Appendix B - Client Identification: AML/CFT verification documents and forms
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property
Professional Services
Residential Property
Commercial Property
Property Investment
Real Estate Services
Relevant Teams
Legal
Real Estate
Compliance
Sales
Customer Relations
Property Acquisition
Contract Administration
Professional Services
Relevant Roles
Real Estate Agent
Property Buyer's Agent
Licensed Real Estate Professional
Real Estate Broker
Property Consultant
Real Estate Sales Representative
Buyer's Advocate
Property Acquisition Specialist
Real Estate Manager
Compliance Officer
Legal Counsel
Contract Administrator
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