The Property Agent Contract serves as the foundational document establishing the professional relationship between licensed real estate agents and their clients in Singapore. It is essential for compliance with the Estate Agents Act 2010 and CEA guidelines, providing clear terms of engagement, commission structures, and service scope. This contract type is mandatory for property transactions in Singapore and must include specific provisions regarding agent responsibilities, client obligations, and transaction parameters. It protects both parties' interests while ensuring adherence to Singapore's strict real estate regulatory framework.
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1. Parties: Identification of the property agent and the client
2. Background: Context of the agreement and basic property details
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of services to be provided by the agent
5. Commission Structure: Terms of payment and commission rates
6. Duration of Agreement: Term of the agreement and renewal provisions
7. Agent's Obligations: Responsibilities and duties of the property agent
8. Client's Obligations: Responsibilities and duties of the client
9. Termination: Conditions and procedures for terminating the agreement
1. Exclusivity Clause: Terms of exclusive agency rights, used when exclusive rights are being granted to the agent
2. Marketing Budget: Details of marketing expenses and allocations, used when marketing costs are being shared or specified
3. International Property Provisions: Additional terms for overseas properties, used when dealing with international properties
4. Co-broking Arrangements: Terms for cooperation with other agents, used when co-broking is permitted
1. Schedule 1: Property Details: Detailed description of the property being sold/leased
2. Schedule 2: Commission Structure: Detailed breakdown of commission rates and payment terms
3. Schedule 3: Marketing Plan: Detailed marketing strategy and timeline
4. Appendix A: Required Documents: List of documents required for the transaction
5. Appendix B: CEA Prescribed Forms: Standard forms required by the Council for Estate Agencies
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