The Buyer Broker Exclusive Agreement is a foundational document used in Australian real estate transactions when a buyer wishes to engage a broker's services exclusively for property purchases. This agreement is particularly important in competitive real estate markets where having dedicated professional representation can be crucial. The document establishes the terms under which the broker will act as the buyer's exclusive agent, including property search parameters, negotiation services, and professional advice. It details the broker's compensation structure, whether through success fees, retainers, or a combination of both. The agreement must comply with Australian federal laws such as the Competition and Consumer Act 2010, as well as state-specific real estate regulations. It includes essential provisions for confidentiality, exclusivity period, termination rights, and dispute resolution procedures. This type of agreement is commonly used by both individual and corporate buyers seeking professional representation in property transactions.
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1. Parties: Identification of the buyer (client) and the licensed real estate broker/agency
2. Background: Context of the agreement, including the buyer's intention to purchase property and the broker's qualifications
3. Definitions: Key terms used throughout the agreement including 'Exclusive Period', 'Property Requirements', 'Purchase Price Range', and 'Service Fee'
4. Appointment and Scope: Exclusive appointment of the broker and detailed scope of services to be provided
5. Term and Exclusivity: Duration of the agreement and exclusivity provisions
6. Broker's Obligations: Detailed listing of all services and duties the broker will perform
7. Client's Obligations: Buyer's responsibilities, including providing accurate information and maintaining exclusive relationship
8. Fees and Expenses: Structure and timing of broker's compensation, including success fees and expense reimbursement
9. Confidentiality: Obligations regarding confidential information shared during the engagement
10. Termination: Circumstances and process for ending the agreement, including any tail period provisions
11. Dispute Resolution: Process for handling disagreements and jurisdictional matters
12. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. Special Property Requirements: Used when the buyer has specific property type requirements or restrictions
2. International Buyer Provisions: Include when the buyer is not an Australian resident, addressing FIRB approval requirements
3. Mortgage Contingency: Include when the buyer requires financing to complete the purchase
4. Multiple Property Provisions: Used when the buyer intends to purchase multiple properties under the agreement
5. Sub-Agency Authorization: Include when the broker may need to engage other agents in different regions
6. Property Management Services: Used when the broker will also provide property management services post-purchase
1. Schedule A - Fee Structure: Detailed breakdown of all fees, commissions, and payment terms
2. Schedule B - Service Description: Comprehensive list of services to be provided by the broker
3. Schedule C - Property Requirements: Detailed specifications of the type of property the buyer is seeking
4. Schedule D - Statutory Disclosures: Required disclosures under relevant state real estate laws
5. Appendix 1 - Broker's License: Copy of broker's current real estate license and credentials
6. Appendix 2 - Agency Disclosure: Standard form agency disclosure as required by state law
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