The Real Estate Agent Agreement Contract is a crucial document used in Saudi Arabia when engaging professional real estate services for property transactions. This agreement is essential for establishing clear terms between property owners and real estate agents or brokerage firms, ensuring compliance with Saudi regulations, including REGA requirements and Sharia law. The document specifies commission structures, service scope, marketing responsibilities, and legal obligations while protecting both parties' interests. It's particularly important in the Saudi market where real estate transactions must adhere to specific local regulations and Islamic principles. The agreement includes provisions for property marketing, transaction facilitation, reporting requirements, and compliance with anti-money laundering regulations.
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1. Parties: Identification of the principal/property owner and the real estate agent, including their full legal names, addresses, and licensing details
2. Background: Context of the agreement and brief description of the parties' intentions
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Appointment and Scope of Services: Details of the agent's appointment and comprehensive list of services to be provided
5. Agent's Rights and Obligations: Detailed responsibilities of the agent, including marketing efforts, showing properties, and reporting requirements
6. Principal's Rights and Obligations: Property owner's responsibilities, including providing accurate information and necessary documentation
7. Commission Structure: Detailed breakdown of commission rates, payment terms, and conditions for commission eligibility
8. Term and Exclusivity: Duration of the agreement and whether the appointment is exclusive or non-exclusive
9. Compliance with Laws: Commitment to comply with Saudi real estate regulations, REGA requirements, and Sharia principles
10. Confidentiality: Obligations regarding confidential information and client data protection
11. Liability and Indemnification: Scope of agent's liability and indemnification provisions
12. Termination: Grounds for termination, notice requirements, and post-termination obligations
13. Governing Law and Dispute Resolution: Specification of Saudi law as governing law and dispute resolution mechanisms
14. Notices: Process and requirements for formal communications between parties
15. General Provisions: Standard boilerplate clauses including amendments, severability, and entire agreement
1. Marketing Budget and Expenses: Used when specific marketing commitments and expense arrangements need to be detailed
2. International Transaction Provisions: Required when dealing with international properties or foreign investors
3. Multiple Property Arrangements: Included when the agreement covers multiple properties
4. Sub-Agency Provisions: Used when the agent may need to engage other agents or brokers
5. Digital Marketing Rights: Specific provisions for online marketing and social media promotion
6. Property Management Services: Included when the agent will provide additional property management services
7. Force Majeure: Specific provisions for unforeseen circumstances affecting performance
8. Anti-Money Laundering Compliance: Detailed AML procedures when dealing with high-value transactions
1. Schedule 1 - Property Details: Detailed description of the property(ies) covered by the agreement
2. Schedule 2 - Commission Rates: Detailed breakdown of commission structures for different transaction types
3. Schedule 3 - Marketing Plan: Specific marketing activities and timelines
4. Schedule 4 - Required Documentation: List of necessary documents and certificates required for property transactions
5. Schedule 5 - Service Level Agreement: Detailed performance metrics and service standards
6. Appendix A - Agent's Licenses and Certifications: Copies of relevant licenses and REGA certifications
7. Appendix B - Property Photos and Plans: Visual documentation of the property
8. Appendix C - Standard Operating Procedures: Detailed procedures for property showings, offers, and transactions
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Hospitality
Retail
Commercial Property
Residential Property
Industrial Property
Property Investment
Property Management
Facilities Management
Relevant Teams
Legal
Compliance
Real Estate Operations
Sales
Marketing
Business Development
Contract Administration
Property Management
Risk Management
Finance
Relevant Roles
Real Estate Agent
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Property Portfolio Manager
Business Development Manager
Sales Director
Marketing Manager
Contract Administrator
Real Estate Operations Manager
Transaction Coordinator
Property Consultant
Chief Executive Officer
Managing Director
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