The Buyer Broker Exclusive Agreement is a crucial document in Philippine real estate transactions that formalizes the professional relationship between a property buyer and their chosen real estate broker. This agreement is particularly important in the Philippine market, where it's governed by the Real Estate Service Act (RESA) of 2009 and various other real estate regulations. It should be used whenever a buyer wishes to engage a broker's exclusive services for property search and acquisition. The document typically includes detailed terms about the broker's services, property requirements, commission structures, and the exclusive nature of the relationship. It provides legal protection for both parties and ensures clarity in their professional relationship while complying with Philippine real estate laws and professional standards. This agreement is especially relevant in today's competitive real estate market where having dedicated professional representation is increasingly important.
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1. Parties: Identifies the broker and buyer, including complete legal names, addresses, and licensing details for the broker as required by RESA
2. Background: Establishes the context of the agreement, including the buyer's intention to purchase property and the broker's qualifications
3. Definitions: Defines key terms used throughout the agreement, including 'Property Requirements', 'Exclusive Period', and 'Broker's Commission'
4. Appointment and Scope: Establishes the exclusive nature of the broker's appointment and details the types of properties the buyer is seeking
5. Term of Agreement: Specifies the duration of the exclusive agreement and any automatic renewal provisions
6. Broker's Services and Obligations: Details all services the broker will provide, including property search, negotiations, and advisory services
7. Buyer's Obligations: Outlines the buyer's commitments, including providing accurate requirements and working exclusively with the broker
8. Commission Structure: Details the broker's compensation, including rate, calculation method, and payment timing
9. Confidentiality: Specifies confidentiality obligations for both parties regarding shared information
10. Termination: Sets out circumstances and procedures for early termination of the agreement
11. Governing Law: Establishes Philippine law as governing law and specifies jurisdiction for disputes
12. General Provisions: Includes standard clauses like entire agreement, amendments, and notices
1. Protection Period: Optional clause defining a period after agreement termination during which the broker remains entitled to commission for properties shown
2. Dual Agency Provisions: Include when the broker may potentially represent both buyer and seller in a transaction
3. Virtual Services: Add when broker will provide virtual property viewings or remote services
4. Force Majeure: Include specific provisions for circumstances preventing performance, particularly relevant post-COVID
5. Referral Networks: Add when broker may engage other agents or referral networks
6. International Property Provisions: Include when buyer may be interested in international properties
1. Schedule A - Property Requirements: Detailed specifications of the type of property sought, including location, size, budget, and essential features
2. Schedule B - Commission Schedule: Detailed breakdown of commission rates and calculation methods for different property types or price ranges
3. Schedule C - Broker's Services: Comprehensive list of specific services included in the broker's scope of work
4. Appendix 1 - Broker's License and Credentials: Copies of broker's professional license and relevant certifications as required by RESA
5. Appendix 2 - Agency Disclosure Form: Standard form explaining the nature of the agency relationship as required by Philippine regulations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Industrial Property
Retail Property
Luxury Real Estate
Investment Property
Property Development
Real Estate Investment
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Procurement
Property Acquisition
Investment
Contract Administration
Risk Management
Property Management
Business Development
Relevant Roles
Real Estate Broker
Property Buyer
Real Estate Agent
Real Estate Consultant
Property Acquisition Manager
Real Estate Investment Manager
Legal Counsel
Contracts Manager
Compliance Officer
Real Estate Director
Property Portfolio Manager
Chief Investment Officer
Real Estate Transaction Manager
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