The Buyer Representation Agreement is a fundamental document in Australian real estate transactions that formalizes the relationship between a buyer's agent and a client seeking to purchase property. This agreement is essential when a buyer wishes to engage professional representation during their property search and acquisition process. The document typically includes detailed provisions about the agent's services, fees, duration of representation, and the parties' respective rights and obligations. It ensures compliance with Australian real estate regulations and consumer protection laws while providing clear guidelines for the working relationship. The agreement is particularly important in competitive property markets where professional representation can be crucial for successful property acquisition. The Buyer Representation Agreement should be customized based on the specific requirements of the transaction, whether it's for residential, commercial, or industrial property purchases.
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1. Parties: Identifies the buyer's agent and the client with full legal names and contact details
2. Background: Explains the context of the agreement - that the client wishes to engage the agent to assist in property purchase
3. Definitions: Defines key terms used throughout the agreement including 'Property Requirements', 'Service Fee', 'Exclusive Period'
4. Appointment and Authority: Formally establishes the agent's appointment and scope of authority to represent the buyer
5. Agent's Services: Details the specific services the agent will provide, including property search, evaluation, and negotiation
6. Term of Agreement: Specifies the duration of the agreement and any extension provisions
7. Agent's Fees and Expenses: Outlines the fee structure, payment terms, and reimbursable expenses
8. Client's Obligations: Lists the client's responsibilities, including providing accurate requirements and timely responses
9. Confidentiality: Addresses the handling of confidential information by both parties
10. Termination: Specifies how and when either party can terminate the agreement
11. Dispute Resolution: Outlines the process for resolving any disputes between the parties
12. General Provisions: Includes standard legal provisions such as governing law, notices, and entire agreement
1. Dual Agency Disclosure: Required if the agent's firm may also represent sellers of properties the buyer is interested in
2. International Buyer Provisions: Include when the client is an international buyer, addressing FIRB approval requirements
3. Property Management Services: Optional section if the agent will also provide property management services post-purchase
4. Buyer's Team: Section defining other professionals (lawyers, accountants) involved in the transaction
5. Success Fee Structure: Alternative fee arrangements such as performance-based compensation
6. Digital Communication Consent: Optional section for specific consent to digital communications and electronic signatures
1. Schedule A - Property Requirements: Detailed specification of the client's property requirements and preferences
2. Schedule B - Fee Schedule: Detailed breakdown of all fees, commissions, and payment structures
3. Schedule C - Services Schedule: Comprehensive list of services included in the agreement
4. Appendix 1 - Agency Disclosure Form: Required statutory form for agency disclosure under Australian law
5. Appendix 2 - Privacy Policy: Details of how the agent will handle the client's personal information
6. Appendix 3 - Proof of Identity Requirements: Documentation requirements for AML/CTF compliance
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