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Exclusive Brokerage Contract for Nigeria

Exclusive Brokerage Contract Template for Nigeria

A comprehensive legal agreement governed by Nigerian law that establishes an exclusive brokerage relationship between a principal (typically a property owner) and a licensed real estate broker or agency. The document grants the broker exclusive rights to market, negotiate, and facilitate transactions related to specified properties for a defined period. It includes detailed provisions for commission structures, service scope, marketing responsibilities, and compliance with Nigerian real estate regulations, while protecting both parties' interests through clearly defined rights, obligations, and dispute resolution mechanisms.

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What is a Exclusive Brokerage Contract?

The Exclusive Brokerage Contract is a crucial document in Nigerian real estate transactions that formalizes the exclusive relationship between property owners and licensed brokers. This agreement is particularly important in the Nigerian market where property transactions require professional intermediaries who understand local regulations and market dynamics. The document is used when a property owner wants to ensure focused, dedicated service from a single broker, typically for high-value properties or complex transactions. The Exclusive Brokerage Contract includes essential elements such as commission structures, marketing commitments, and compliance requirements with Nigerian real estate regulations, while providing protection for both parties through clear terms and conditions. It's especially relevant in urban centers like Lagos, Abuja, and Port Harcourt, where commercial and high-end residential property transactions are common.

What sections should be included in a Exclusive Brokerage Contract?

1. Parties: Identification of the principal and the broker, including full legal names, addresses, and registration details of the broker

2. Background: Context of the agreement, including the principal's intention to engage the broker and the broker's qualifications

3. Definitions: Key terms used throughout the agreement, including 'Property', 'Exclusive Period', 'Commission', 'Successful Transaction'

4. Appointment and Scope: Explicit statement of exclusive appointment and detailed scope of brokerage services

5. Term and Exclusivity: Duration of the agreement and specific terms of exclusivity

6. Broker's Rights and Obligations: Detailed listing of broker's responsibilities, authority limits, and exclusive rights

7. Principal's Obligations: Principal's duties, including provision of information and cooperation requirements

8. Commission Structure: Detailed breakdown of commission rates, payment terms, and conditions for commission earning

9. Marketing and Promotion: Agreed marketing strategies, advertising responsibilities, and budget allocation

10. Confidentiality: Obligations regarding confidential information and trade secrets

11. Termination: Grounds for termination, notice requirements, and post-termination obligations

12. Dispute Resolution: Process for handling disputes, including jurisdiction and applicable law

13. General Provisions: Standard clauses including notices, amendments, assignment, and entire agreement

What sections are optional to include in a Exclusive Brokerage Contract?

1. Protection Period: Used when the principal needs to specify a period after termination during which the broker remains entitled to commission for specific prospects

2. Sub-Agents: Include when the broker may need to appoint sub-agents, specifying terms and conditions

3. International Transactions: Required for brokers dealing with international clients or properties, addressing specific requirements and compliance

4. Digital Marketing Rights: Include when specific digital marketing strategies and online presence need to be detailed

5. Property Management Services: Add when the broker will provide additional property management services

6. Performance Targets: Include when specific performance metrics or targets are part of the agreement

7. Insurance Requirements: Add when specific insurance coverage needs to be maintained by either party

What schedules should be included in a Exclusive Brokerage Contract?

1. Schedule A - Property Details: Detailed description of properties covered under the agreement

2. Schedule B - Commission Structure: Detailed breakdown of commission rates for different types of transactions

3. Schedule C - Marketing Plan: Specific marketing strategies, timelines, and budgets

4. Schedule D - Broker's Credentials: Copies of broker's licenses, certifications, and professional memberships

5. Schedule E - Approved Marketing Materials: Templates and formats for marketing materials

6. Appendix 1 - Service Level Agreement: Detailed performance standards and service levels

7. Appendix 2 - Compliance Checklist: List of regulatory requirements and compliance measures

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

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Broker Agreement

Cost

Free to use
Relevant legal definitions






































Clauses






































Relevant Industries

Real Estate

Commercial Property

Residential Property

Industrial Property

Agricultural Land

Retail Property

Office Space

Hospitality

Mixed-use Development

Land Development

Property Investment

Relevant Teams

Legal

Real Estate

Business Development

Compliance

Operations

Sales

Marketing

Asset Management

Investment

Property Management

Contract Administration

Relevant Roles

Real Estate Broker

Property Manager

Business Development Manager

Legal Counsel

Compliance Officer

Real Estate Agent

Property Developer

Asset Manager

Investment Manager

Sales Director

Commercial Director

Contract Manager

Real Estate Portfolio Manager

Operations Manager

Marketing Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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