This Non-Exclusive Buyer Broker Agreement is designed for use in the Australian property market when a buyer wishes to engage a broker's services while maintaining the flexibility to work with other brokers. The document is essential for establishing clear terms of engagement while protecting both parties' interests under Australian law. It includes detailed provisions for broker services, commission structures, and compliance with Australian real estate regulations, including the Property and Stock Agents Act 2002 and relevant consumer protection laws. The agreement is particularly useful for buyers who want to maximize their property search options while maintaining professional broker relationships, and it can be adapted for both residential and commercial property transactions.
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1. Parties: Identifies the buyer and the broker/brokerage firm with full legal names and contact details
2. Background: Explains the context of the agreement and the buyer's intention to engage the broker's services
3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Services', 'Commission', 'Term' etc.
4. Appointment and Scope of Services: Details the broker's appointment and comprehensive list of services to be provided
5. Non-Exclusive Nature: Explicitly states the non-exclusive nature of the arrangement and the buyer's right to engage other brokers
6. Term and Termination: Specifies the duration of the agreement and circumstances for termination
7. Broker's Obligations: Lists the broker's duties, responsibilities, and standard of service
8. Buyer's Obligations: Outlines the buyer's responsibilities and cooperation requirements
9. Fees and Commission: Details the fee structure, payment terms, and circumstances when commission becomes payable
10. Confidentiality: Addresses the handling and protection of confidential information
11. Liability and Indemnity: Sets out liability limitations and indemnification provisions
12. General Provisions: Includes standard clauses like governing law, notices, and entire agreement
1. Electronic Communications: Include when parties agree to conduct business electronically, covering email communications and electronic signatures
2. International Considerations: Add for international buyers, addressing currency, foreign investment approvals, and cross-border issues
3. Buyer's Representative: Include when the buyer is a company or wants to nominate specific representatives for communications
4. Special Requirements: Add when the buyer has specific property requirements or search criteria
5. Dispute Resolution: Include detailed dispute resolution procedures when dealing with high-value transactions or sophisticated clients
6. Assignment: Include when either party may need to transfer their rights or obligations under the agreement
1. Schedule 1 - Services Description: Detailed breakdown of all services to be provided by the broker
2. Schedule 2 - Fee Structure: Comprehensive breakdown of fees, commission rates, and payment terms
3. Schedule 3 - Buyer's Requirements: Specific details of the type of property the buyer is seeking
4. Appendix A - Agency Disclosure: Required statutory disclosures under relevant real estate laws
5. Appendix B - Privacy Policy: Details of how personal information will be collected, used, and protected
6. Appendix C - Broker's Credentials: Broker's licenses, certifications, and professional memberships
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