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Real Estate Commission Contract
"I need a Real Estate Commission Contract for a luxury residential property in Mumbai, with an exclusive 6-month listing period starting January 2025, including a 2% commission rate and special provisions for international buyer marketing."
1. Parties: Identification of the property owner/seller and the real estate agent/broker, including RERA registration details
2. Background: Context of the agreement, including property details and the owner's intention to sell/lease the property through the agent
3. Definitions: Key terms used in the agreement including 'Commission', 'Property', 'Transaction Value', 'Successful Transaction'
4. Appointment and Scope of Services: Terms of agent appointment and detailed description of services to be provided
5. Duration of Agreement: Period of agent's appointment, including start date and end date
6. Commission Structure: Detailed breakdown of commission rates, calculation method, and payment terms
7. Payment Terms: Timing and method of commission payment, including conditions for commission becoming due
8. Agent's Obligations: Specific duties and responsibilities of the real estate agent
9. Owner's Obligations: Specific duties and responsibilities of the property owner
10. Representations and Warranties: Statements of fact and guarantees by both parties
11. Termination: Conditions and process for terminating the agreement
12. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction over disputes
13. Notices: Process and addresses for serving formal notices between parties
14. Execution: Signature blocks and execution formalities
1. Exclusivity: Section defining whether the appointment is exclusive or non-exclusive, used when the owner wants to specify agent exclusivity
2. Sub-Agents: Terms governing the appointment of sub-agents, used when sub-agents may be involved
3. Marketing Budget: Details of marketing expenses and responsibilities, used when specific marketing commitments are required
4. Post-Termination Obligations: Obligations surviving termination, used when there are specific post-termination requirements
5. Force Majeure: Provisions for unforeseen circumstances, used when specific force majeure protection is needed
6. Confidentiality: Terms regarding confidential information, used when sensitive information will be shared
7. Non-Circumvention: Provisions preventing direct deals between owner and agent-introduced buyers, used in high-value transactions
1. Property Details Schedule: Detailed description of the property including address, dimensions, and specifications
2. Commission Rate Schedule: Detailed breakdown of commission rates for different transaction types or value ranges
3. Services Schedule: Comprehensive list of services to be provided by the agent
4. Marketing Plan: Detailed marketing strategy and activities to be undertaken
5. Required Documentation: List of documents required from the owner and compliance requirements
6. Agent's RERA Registration: Copy of agent's RERA registration certificate and details
Authors
Real Estate
Commercial Property
Residential Property
Industrial Property
Retail Property
Hospitality
Mixed-use Development
Construction
Property Development
Property Investment
Legal
Real Estate
Sales
Business Development
Compliance
Operations
Property Management
Contract Administration
Transaction Advisory
Document Management
Real Estate Agent
Property Broker
Real Estate Manager
Property Owner
Property Developer
Real Estate Consultant
Legal Counsel
Compliance Officer
Property Manager
Business Development Manager
Sales Director
Contract Manager
Real Estate Partner
Transaction Manager
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