The Exclusive Brokerage Contract is essential for establishing clear terms between property owners and real estate agencies in Singapore's competitive property market. This document, regulated under Singapore's Estate Agents Act 2010, provides the framework for exclusive representation rights, defining commission structures, marketing commitments, and service obligations. It protects both parties' interests by clearly outlining responsibilities, timelines, and performance expectations, while ensuring compliance with CEA guidelines and local real estate practices.
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Key Requirements PROMPT example:
Exclusive Brokerage Contract
"Need an Exclusive Brokerage Contract for a luxury condominium in Singapore's Orchard Road area, with a 6-month exclusivity period starting January 2025, including specific performance metrics and international marketing provisions."
1. Parties: Identification of broker and property owner/seller
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement including terminology defined in Estate Agents Act
4. Appointment and Scope: Terms of exclusive appointment and services to be provided by the broker
5. Duration: Term of the agreement including start and end dates
6. Commission Structure: Detailed breakdown of fees and payment terms
7. Obligations of Broker: Duties and responsibilities of the broker as per Estate Agents Act and regulations
8. Obligations of Owner: Duties and responsibilities of the property owner
9. Termination: Conditions for ending the agreement and consequences thereof
1. Marketing Plan: Detailed marketing strategy and activities for the property
2. Performance Metrics: Specific targets and KPIs for the broker's performance
3. Sub-agents: Terms for engaging other agents and their responsibilities
4. International Marketing: Provisions for overseas marketing and international buyer targeting
1. Property Details Schedule: Comprehensive description of the property including legal details
2. Commission Schedule: Detailed breakdown of commission structure and various transaction scenarios
3. Marketing Schedule: Detailed marketing plan, timeline, and budget allocation
4. Property Documentation Checklist: List of required property documents and certificates
5. Service Level Agreement: Detailed service standards, response times, and performance metrics
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