The Buyer Broker Exclusive Agreement is essential in Singapore's real estate market when a buyer wishes to engage a broker's services exclusively for property acquisition. This document, regulated under Singapore's Estate Agents Act 2010, provides protection for both parties by clearly defining the terms of engagement, scope of services, and compensation structure. It ensures the broker's commitment to the buyer's interests while guaranteeing their right to commission for successful transactions. The agreement typically includes specific property requirements, search criteria, and the duration of exclusive representation, making it particularly valuable in competitive property markets where dedicated representation is crucial.
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Key Requirements PROMPT example:
Buyer Broker Exclusive Agreement
"I need a Buyer Broker Exclusive Agreement for a high-net-worth client looking to purchase multiple commercial properties in Singapore, with a 12-month exclusivity period starting January 2025 and specific provisions for cross-border transactions."
1. Parties: Identification of the buyer and broker, including full legal names and addresses
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 scope of services
5. Exclusivity: Terms of exclusive representation
6. Duration: Term of the agreement including start and end dates
7. Broker Compensation: Commission structure and payment terms
8. Parties' Obligations: Duties and responsibilities of both broker and buyer
9. Termination: Conditions and process for ending the agreement
1. Property Requirements: Specific criteria for property search, used when buyer has detailed requirements
2. Additional Services: Additional services provided by broker beyond standard scope
3. Holdover Period: Period after agreement termination where commission may still be due
1. Schedule 1: Commission Structure: Detailed breakdown of commission rates and calculation methods
2. Schedule 2: Property Requirements: Detailed specification of property requirements if applicable
3. Appendix A: Broker's License: Copy of broker's current license and credentials
4. Appendix B: CEA Prescribed Estate Agency Agreement: Standard form agreement as required by CEA
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