The Commercial Listing Agreement is a crucial document in Singapore's commercial real estate sector, used when property owners wish to engage professional real estate services for marketing their commercial properties. It establishes the formal relationship between the property owner and the real estate agency, defining the scope of services, commission structures, and respective obligations. This agreement must comply with Singapore's Estate Agents Act 2010 and CEA guidelines, ensuring professional standards and protecting both parties' interests. It's particularly important for establishing clear terms of engagement, marketing strategies, and commission structures in commercial property transactions.
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Key Requirements PROMPT example:
Commercial Listing Agreement
"Need a Commercial Listing Agreement for my retail space in Singapore's Orchard Road district, with an exclusive 6-month listing period starting January 2025 and a commission structure of 2% for sale transactions."
1. Parties: Identification of the property owner and the listing agent/agency
2. Background: Context of the agreement and brief property description
3. Definitions: Key terms used throughout the agreement
4. Appointment and Authority: Scope of agent's authority and nature of appointment (exclusive/non-exclusive)
5. Property Details: Comprehensive description of the property being listed
6. Listing Price: Agreed listing price and price modification terms
7. Commission Structure: Commission rates and payment terms
8. Duration: Term of the listing agreement
9. Obligations of Parties: Responsibilities of both agent and property owner
1. Marketing Plan: Detailed marketing strategy and activities - used for high-value properties or when specific marketing commitments are required
2. Performance Metrics: Specific targets or KPIs for the agent - used when performance-based terms are included
3. Multiple Agency Provisions: Terms governing multiple agency arrangements - used when property is listed with multiple agencies
1. Property Details Schedule: Detailed property specifications and features
2. Commission Schedule: Detailed breakdown of commission structure and calculations
3. Marketing Schedule: Detailed marketing plan and budget
4. Property Photos: Official photographs of the property
5. Required Disclosures: Mandatory disclosures required by CEA
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