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Agency Agreement For The Sale Of Residential Property Template for Singapore

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Key Requirements PROMPT example:

Agency Agreement For The Sale Of Residential Property

"Need an Agency Agreement For The Sale Of Residential Property for my three-bedroom condo in Singapore, with an exclusive agency period of 3 months starting March 2025, including international marketing rights and a tiered commission structure based on final sale price."

Document background
The Agency Agreement For The Sale Of Residential Property is a crucial document in Singapore's real estate market, used when property owners engage licensed agents to sell their residential properties. This agreement is essential for defining the scope of services, commission structures, and mutual obligations while ensuring compliance with Singapore's Estate Agents Act 2010 and CEA regulations. It provides legal protection for both parties and clearly outlines the terms of engagement, marketing strategies, and conditions for successful property sales. The document is particularly important given Singapore's highly regulated property market and strict requirements for real estate transactions.
Suggested Sections

1. Parties: Identification of the agent and the property owner/seller

2. Background: Context of the agreement and basic property details

3. Definitions: Key terms used throughout the agreement

4. Appointment and Scope: Terms of agent appointment and services to be provided

5. Duration: Term of the agreement including start and end dates

6. Commission Structure: Details of fees, commission rates, and payment terms

7. Agent's Obligations: Duties and responsibilities of the agent

8. Client's Obligations: Duties and responsibilities of the property owner

9. Termination: Conditions and procedures for ending the agreement

Optional Sections

1. Exclusivity Clause: Terms of exclusive agency rights (used when exclusive agency rights are granted)

2. Marketing Plan: Specific marketing strategies and commitments (used when detailed marketing arrangements are agreed)

3. Sub-Agents: Terms for appointment of sub-agents (used when sub-agents may be involved)

4. International Marketing: Specific terms for international marketing (used when property will be marketed overseas)

Suggested Schedules

1. Property Details Schedule: Detailed description of the property including address, size, features

2. Commission Schedule: Detailed breakdown of commission structure and payment terms

3. Marketing Schedule: Detailed marketing plan and activities

4. Required Documents Checklist: List of documents required for the sale

5. Property Photographs: Official photographs of the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions





























Clauses






























Industries

Estate Agents Act 2010: Primary legislation that regulates the real estate agency industry in Singapore, establishes the Council for Estate Agencies (CEA), and sets requirements for licensing and registration of property agents

Estate Agents (Estate Agency Work) Regulations 2010: Secondary legislation detailing operational requirements, mandatory practices, and procedures for estate agents, including guidelines for handling client money

CEA Professional Service Manual: Comprehensive guide containing prescribed practices, procedures, standard forms, documents, and ethical guidelines for property agents

Residential Property Act: Legislation governing residential property ownership in Singapore, including restrictions on foreign ownership and definitions of residential property

Personal Data Protection Act 2012: Law governing the collection, use, and disclosure of personal data, affecting how client information must be handled and stored in real estate transactions

Consumer Protection (Fair Trading) Act: Legislation protecting consumers against unfair practices in transactions, including requirements for property marketing and sales

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements, including due diligence and reporting obligations for suspicious transactions

CEA Practice Guidelines and Circulars: Regulatory guidelines and updates issued by the Council for Estate Agencies providing current interpretations and requirements

Code of Ethics and Professional Client Care: Professional standards and ethical guidelines that must be followed by real estate agents in their dealings with clients

Commission Guidelines: Guidelines governing the structure and payment of real estate agent commissions in property transactions

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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