The Broker Lease Agreement is essential for formalizing the relationship between property owners and licensed real estate brokers in Singapore's property market. This document is typically used when property owners seek professional assistance in leasing their properties, whether commercial or residential. The agreement outlines the broker's authority to market the property, negotiate with potential tenants, and earn commission upon successful lease execution. It must comply with Singapore's Estate Agents Act, CEA guidelines, and other relevant property laws, making it a crucial document for ensuring legal compliance and protecting the interests of all parties involved.
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Key Requirements PROMPT example:
Broker Lease Agreement
"I need a Broker Lease Agreement for our Singapore property management company to engage a real estate broker for leasing our portfolio of five commercial properties in the Central Business District, with an exclusive arrangement starting March 2025 and including specific performance targets for minimum occupancy rates."
1. Parties: Identification of broker and client, including registration details and licenses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Terms of broker appointment and services covered
5. Commission Structure: Detailed breakdown of fees and payment terms
6. Obligations and Duties: Responsibilities of both broker and client
7. Term and Termination: Duration and conditions for ending the agreement
8. Confidentiality: Protection of sensitive information
9. Governing Law: Specification of Singapore law as governing law
1. Exclusivity: Terms of exclusive representation (used when broker is granted exclusive rights)
2. Marketing Services: Specific marketing obligations and requirements (used when marketing services are included)
3. Insurance: Insurance requirements and coverage (used when specific insurance provisions are needed)
4. Force Majeure: Provisions for unforeseen circumstances (used when additional protection against external events is needed)
1. Schedule 1: Property Details: Specific details of properties covered by the agreement
2. Schedule 2: Commission Structure: Detailed breakdown of commission calculations
3. Schedule 3: Service Level Agreement: Specific performance metrics and standards
4. Appendix A: Required Forms: Standard CEA forms and documentation
5. Appendix B: Marketing Plan: Detailed marketing strategy and timeline
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