The Buyer's Agent Agreement is a crucial document in Philippine real estate transactions, used when a property buyer wishes to formally engage a licensed real estate professional to act on their behalf. The agreement must comply with the Real Estate Service Act (RESA) of 2009, the Civil Code of the Philippines, and related regulations governing real estate practice. It typically includes detailed provisions about the agent's scope of authority, property search criteria, commission structures, and the duration of the agency relationship. This document is particularly important in the Philippine context where the real estate market can be complex and requires professional expertise to navigate properly. The agreement protects both parties by clearly defining their rights, responsibilities, and expectations, while ensuring compliance with local real estate laws and professional standards.
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1. Parties: Identifies and provides full details of the Buyer (Principal) and the Licensed Real Estate Agent (Agent), including license numbers and contact information
2. Background: Explains the context of the agreement - that the Buyer wishes to engage the Agent to assist in purchasing property
3. Definitions: Defines key terms used throughout the agreement including 'Property Requirements', 'Territory', 'Commission', and 'Exclusive Agency'
4. Appointment and Term: Establishes the agency relationship, whether exclusive or non-exclusive, and specifies the duration of the agreement
5. Agent's Services and Obligations: Details the specific services the agent will provide, including property search, viewings, negotiations, and due diligence assistance
6. Buyer's Obligations: Outlines the buyer's responsibilities, including providing accurate requirements, responding to communications, and acting in good faith
7. Commission and Fees: Specifies the agent's compensation structure, payment terms, and conditions for commission earning
8. Confidentiality: Addresses the handling of confidential information shared during the agency relationship
9. Termination: States the conditions under which either party may terminate the agreement and the consequences of termination
10. Governing Law and Jurisdiction: Specifies that Philippine law governs the agreement and establishes jurisdiction for dispute resolution
1. Dual Agency: Required when the agent may potentially represent both buyer and seller, outlining how conflicts will be managed
2. International Property Search: Include when the buyer is interested in properties outside the Philippines, addressing additional requirements and jurisdictions
3. Virtual Services: Add when services will be provided remotely, including virtual viewings and online communications
4. Force Majeure: Include to address extraordinary circumstances that may prevent performance of obligations
5. Anti-Money Laundering Compliance: Add for high-value transactions requiring specific AML compliance measures
1. Schedule A - Property Requirements: Detailed specification of the buyer's property requirements including location, size, budget, and essential features
2. Schedule B - Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment terms
3. Schedule C - Service Level Agreement: Specific timelines and response times for various services provided by the agent
4. Appendix 1 - Agent's License and Credentials: Copies of the agent's PRC license, broker's license, and other relevant certifications
5. Appendix 2 - Required Disclosures: Standard disclosures required under Philippine real estate laws and regulations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Professional Services
Legal Services
Financial Services
Property Investment
Residential Property
Commercial Property
Industrial Property
Relevant Teams
Legal
Real Estate
Compliance
Acquisitions
Property Management
Contract Administration
Business Development
Risk Management
Finance
Operations
Relevant Roles
Real Estate Agent
Real Estate Broker
Property Buyer
Corporate Real Estate Manager
Legal Counsel
Compliance Officer
Property Investment Manager
Real Estate Director
Acquisitions Manager
Property Portfolio Manager
Real Estate Transaction Coordinator
Business Development Manager
Contract Administrator
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