The Real Estate Commission Demand Letter is a crucial document in the Nigerian real estate industry, used when commission payments are outstanding following successful property transactions. This document is typically employed after informal payment requests have been unsuccessful and before initiating legal proceedings. It must comply with Nigerian real estate regulations, including the Estate Agents and Brokers Registration Act and ESVARBON guidelines. The letter serves multiple purposes: it formally documents the demand for payment, outlines the specific transaction details and commission calculations, and establishes a paper trail for potential legal action. It's particularly important in Nigeria's real estate market where commission recovery can be challenging and formal documentation is essential for enforcement.
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1. Sender's Details: Full business name, address, and professional registration details of the estate agent/broker
2. Recipient's Details: Full name and address of the party owing the commission
3. Subject Line: Clear indication that this is a commission demand letter with reference to the specific property transaction
4. Transaction Details: Specific details of the real estate transaction including property address, date of transaction, and agreed commission rate
5. Commission Calculation: Detailed breakdown of the commission amount owed including the basis of calculation
6. Payment Details: Bank account information and payment deadline
7. Professional Credentials: Reference to relevant professional qualifications and licenses that establish authority to claim commission
8. Formal Demand: Clear statement of demand for payment and consequences of non-payment
1. Previous Correspondence: Reference to any previous attempts to collect the commission, used when there has been prior communication
2. Legal Notice: Warning of potential legal action, included when escalation is being considered
3. Interest Calculation: Details of any applicable interest on the overdue commission, included when permitted by agreement or law
4. Settlement Options: Proposed payment plans or settlement terms, included when willing to negotiate payment arrangements
1. Agency Agreement: Copy of the original agency agreement showing commission terms
2. Transaction Documentation: Relevant documents proving completion of the transaction (e.g., sale agreement, lease agreement)
3. Commission Invoice: Formal invoice for the commission amount
4. Communication Log: Record of previous attempts to collect the commission
5. Professional Credentials: Copies of relevant licenses and professional registrations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Industrial Property
Retail Property
Property Management
Construction
Real Estate Investment
Relevant Teams
Legal
Real Estate
Sales
Finance
Collections
Business Development
Property Management
Accounts Receivable
Compliance
Documentation
Relevant Roles
Real Estate Agent
Property Broker
Estate Surveyor
Real Estate Manager
Property Manager
Sales Director
Commission Manager
Business Development Manager
Real Estate Partner
Property Consultant
Legal Counsel
Accounts Receivable Manager
Collections Specialist
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