Prescribed Estate Agency Agreement

Prescribed Estate Agency Agreement Template for Hong Kong

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Key Requirements PROMPT example:

"I need a Prescribed Estate Agency Agreement for an exclusive 6-month listing of a luxury residential property in Hong Kong's Mid-Levels area, starting March 1, 2025, with specific provisions for international marketing and high-end property photography services."

Document background

The Prescribed Estate Agency Agreement is a crucial document required under Hong Kong law for all property transactions involving licensed estate agents. This standardized agreement was introduced by the Estate Agents Authority to ensure transparency and protect the interests of all parties involved in property transactions. The document must be used whenever a licensed estate agent is appointed to act in the sale, purchase, or leasing of properties in Hong Kong. It contains mandatory provisions covering the agent's appointment, duties, commission structure, and client obligations, as well as specific requirements for handling personal data and marketing activities. The agreement's format and content are strictly regulated, with different versions prescribed for vendor/landlord and purchaser/tenant clients, reflecting the Estate Agents Authority's commitment to maintaining professional standards in the real estate industry.

Suggested Sections

1. Parties: Identification of the estate agent/agency and the client (vendor/landlord or purchaser/tenant)

2. Background: Brief context of the appointment of the estate agent

3. Definitions: Key terms used in the agreement including 'Property', 'Agency Period', 'Commission', and other relevant terms

4. Appointment and Agency Period: Terms of appointment and duration of the agency relationship

5. Property Details: Detailed description of the property including address, specifications, and ownership details

6. Agency Duties: Comprehensive list of the estate agent's duties as required by Hong Kong law

7. Commission and Fees: Structure and timing of commission payments and any additional fees

8. Client's Obligations: Responsibilities and warranties of the client

9. Termination: Conditions and procedures for terminating the agreement

10. Personal Data Handling: Provisions regarding the collection and use of personal data in compliance with the PDPO

11. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Multiple Properties: Additional section when the agreement covers more than one property

2. Dual Agency Declaration: Required when the agent represents both parties in the transaction

3. Special Instructions: Any specific requirements or instructions from the client

4. Marketing Plan: Detailed marketing strategy and activities to be undertaken

5. Conflict Resolution: Specific procedures for handling disputes beyond basic legal requirements

6. Non-Exclusive Arrangements: Terms applying when the appointment is non-exclusive

Suggested Schedules

1. Property Details Schedule: Detailed description of the property including size, facilities, and conditions

2. Commission Schedule: Detailed breakdown of commission structures and payment terms

3. Marketing Services Schedule: List of specific marketing services to be provided

4. Property Inspection Report: Current condition of the property and any existing defects

5. Document Checklist: List of required documents for completion of the property transaction

6. Agency Disclosure Form: Standard form required by the Estate Agents Authority regarding agency relationships

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Property Management

Professional Services

Residential Property

Commercial Property

Retail Property

Industrial Property

Relevant Teams

Legal

Compliance

Real Estate

Sales

Operations

Risk Management

Property Management

Business Development

Administration

Document Control

Relevant Roles

Estate Agent

Real Estate Broker

Property Consultant

Compliance Officer

Legal Counsel

Property Manager

Sales Director

Business Development Manager

Property Valuer

Operations Manager

Managing Director

Contract Administrator

Risk Manager

Branch Manager

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