The Limited Agency Agreement (Real Estate) is essential for property transactions in India where a principal wishes to engage a real estate agent with specific, limited authority. This document is particularly relevant in the context of Indian real estate regulations, especially under the Real Estate (Regulation and Development) Act 2016 (RERA), which requires agents to be registered and operate within defined parameters. The agreement is used to clearly delineate the agent's restricted scope of authority, specify commission structures, and establish compliance requirements. It's particularly useful when property owners want to maintain significant control over the transaction process while delegating specific tasks to a professional agent. The document includes essential elements such as RERA compliance provisions, specific property details, commission structures, and clear limitations on the agent's authority.
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1. Parties: Identification of the Principal and the Agent, including RERA registration details for the agent
2. Background: Context of the agreement, including property details and purpose of the limited agency relationship
3. Definitions: Key terms used throughout the agreement including Property, Services, Commission, etc.
4. Appointment and Scope: Express appointment of agent and detailed description of the limited scope of authority
5. Term: Duration of the agency relationship, including start date and end date
6. Agent's Obligations: Detailed responsibilities of the agent within the limited scope, including RERA compliance requirements
7. Principal's Obligations: Responsibilities of the principal, including providing necessary information and cooperation
8. Commission and Payment Terms: Structure of agent's compensation, payment timing, and conditions for commission earning
9. Representations and Warranties: Key statements of fact and promises by both parties
10. Termination: Grounds for termination, notice requirements, and consequences of termination
11. Liability and Indemnification: Scope of liability, limitations, and mutual indemnification provisions
12. Confidentiality: Obligations regarding confidential information handling
13. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
14. General Provisions: Standard boilerplate clauses including notices, amendments, severability, etc.
1. Non-Compete: Restrictions on agent's ability to represent competing properties, used when exclusivity is important
2. Marketing and Advertising: Specific provisions about property marketing approaches, used when marketing is part of scope
3. Sub-Agents: Provisions regarding the appointment of sub-agents, used when sub-agency might be needed
4. Force Majeure: Provisions for unforeseen circumstances, used in longer-term agreements
5. Dispute Resolution: Detailed arbitration or mediation procedures, used for high-value agreements
6. Insurance: Specific insurance requirements, used when significant liability risks exist
7. Data Protection: Specific data handling requirements, used when significant personal data processing is involved
1. Property Details: Detailed description of the property(ies) covered under the agreement
2. Services Schedule: Detailed scope of services to be provided by the agent
3. Commission Structure: Detailed breakdown of commission calculations and payment terms
4. Required Documents: List of documents required from the principal for the agent to perform services
5. Agent's RERA Registration: Copy of agent's RERA registration certificate and details
6. Marketing Guidelines: Specific guidelines for property marketing and advertising, if applicable
7. Power of Attorney: Limited power of attorney specifying agent's authority, if required
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Real Estate Investment
Property Management
Construction
Urban Development
Relevant Teams
Legal
Real Estate
Sales
Business Development
Compliance
Operations
Property Management
Contracts Administration
Risk Management
Relevant Roles
Real Estate Agent
Property Manager
Business Development Manager
Legal Counsel
Compliance Officer
Real Estate Broker
Property Developer
Sales Director
Contract Manager
Real Estate Consultant
Property Investment Manager
Real Estate Operations Manager
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