Buyer Commission Agreement

Buyer Commission Agreement Template for Singapore

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Key Requirements PROMPT example:

"Need a Buyer Commission Agreement for a high-value commercial property search in Singapore, with an exclusive arrangement for 6 months starting January 2025, including specific provisions for multiple property viewings and a tiered commission structure based on final purchase price."

Document background

The Buyer Commission Agreement is a crucial document in Singapore's real estate transactions, designed to formalize the relationship between property buyers and their appointed agents. This agreement is particularly important in Singapore's highly regulated real estate market, where the Council for Estate Agencies (CEA) oversees strict compliance with the Estate Agents Act 2010. The document outlines commission structures, service scope, and mutual obligations, providing clear guidelines for the property search process. It serves as a protective mechanism for both parties, ensuring transparency and professional conduct while complying with Singapore's regulatory requirements.

Suggested Sections

1. Parties: Identification of the buyer and the agent/agency

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Appointment: Terms of agent appointment and exclusivity status

5. Commission Structure: Details of commission rates, calculation method, and payment terms

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

7. Buyer's Obligations: Duties and responsibilities of the buyer

8. Term and Termination: Duration of agreement and termination provisions

9. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Non-Competition: Restrictions on engaging other agents during the agreement period

2. Force Majeure: Provisions for unforeseen circumstances preventing performance of obligations

3. Confidentiality: Protection of confidential information exchanged during the agreement

4. Insurance: Insurance requirements and coverage specifications for high-value transactions

Suggested Schedules

1. Commission Rate Schedule: Detailed breakdown of commission rates and calculations

2. Property Requirements: Specific requirements or preferences for target properties

3. Agent Credentials: Agent's licenses, certifications, and qualifications

4. Service Level Agreement: Detailed service standards and performance metrics

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Property Development
Commercial Property
Residential Property

Relevant Teams

Legal
Real Estate
Compliance
Finance
Operations

Relevant Roles

Real Estate Agent
Property Manager
Compliance Officer
Legal Counsel
Real Estate Director

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Let's create your Buyer Commission Agreement

Authors

Alex Denne

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