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Property Agent Agreement

Property Agent Agreement Template for United States

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Key Requirements PROMPT example:

Property Agent Agreement

"I need a Property Agent Agreement for my commercial office building in Chicago, with exclusive representation rights, a 6% commission structure, and a 12-month term starting January 1, 2025, including specific provisions for tenant screening and property management services."

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Document background

The Property Agent Agreement serves as the foundational document for establishing a professional relationship between property owners and real estate professionals in the United States. This agreement is essential when a property owner wishes to engage a licensed real estate agent or broker to market, sell, lease, or manage their property. It clearly defines the scope of authority granted to the agent, compensation terms, and duration of the relationship. The document must comply with both federal regulations (such as Fair Housing Act and RESPA) and state-specific real estate laws, including licensing requirements and mandatory disclosures.

Suggested Sections

1. Parties: Identification of the principal and the agent, including licensing details

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

3. Definitions: Key terms used throughout the agreement

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

5. Commission Structure: Details of fees, commissions, and payment terms

6. Term and Termination: Duration of agreement and termination conditions

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

8. Principal's Obligations: Specific duties and responsibilities of the principal

Optional Sections

1. Exclusive Rights: Used when granting exclusive agency rights for specific properties or territories

2. Marketing Budget: Details of marketing expenditure and responsibilities when costs are shared or reimbursed

3. International Properties: Specific terms and conditions for dealing with cross-border properties

Suggested Schedules

1. Schedule A - Property Details: List of properties covered under the agreement

2. Schedule B - Commission Rates: Detailed breakdown of commission structures and payment terms

3. Schedule C - Marketing Plan: Detailed marketing strategy and budget

4. Appendix 1 - Required State Disclosures: State-mandated disclosure forms and compliance documents

5. Appendix 2 - Agent's License: Copy of agent's current real estate license and certifications

Authors

Alex Denne

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

alex.den.21@genieai.co
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Industries

Fair Housing Act: Title VIII of Civil Rights Act of 1968 - Prohibits discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

RESPA: Real Estate Settlement Procedures Act - Governs real estate transactions involving federally regulated mortgage loans and requires disclosure of commissions and fees

ADA: Americans with Disabilities Act - Ensures accessibility requirements are considered in commercial property dealings

State Real Estate Commission Regulations: State-specific regulations covering licensing requirements, commission structures, and agency disclosure requirements

State Real Estate Laws: State-specific laws governing agency relationships, dual agency rules, and disclosure requirements in real estate transactions

State Contract Laws: State-specific laws governing contract formation, enforcement requirements, and statute of frauds

ESIGN Act: Federal law ensuring the legal validity of electronic signatures and records in interstate commerce

UETA: Uniform Electronic Transactions Act - State-level law providing legal framework for electronic signatures and records

Anti-trust Regulations: Federal and state laws preventing anti-competitive practices in real estate transactions

Data Privacy Laws: Federal and state regulations governing the collection, storage, and protection of personal information in real estate transactions

State Consumer Protection Laws: State-specific laws designed to protect consumers in real estate transactions and ensure fair business practices

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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