The Buyer Broker Exclusive Agreement is commonly used in England and Wales when a property buyer wishes to secure dedicated professional representation in their property search. This document formalizes the relationship between the parties, ensuring the broker's commitment to the buyer's interests while protecting the broker's right to compensation for their services. The agreement typically includes detailed terms about property search criteria, broker's duties, commission structures, and the exclusive nature of the relationship. It's particularly valuable in competitive property markets where having dedicated professional representation can provide significant advantages in property acquisition.
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Key Requirements PROMPT example:
Buyer Broker Exclusive Agreement
"I need a Buyer Broker Exclusive Agreement for a high-net-worth individual client looking to purchase commercial property in Central London, with specific provisions for off-market opportunities and a success-based commission structure starting from March 2025."
1. Parties: Identifies and defines the broker and buyer
2. Background: Sets out context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Scope: Defines the exclusive nature of the appointment and services to be provided
5. Duration: Specifies the term of the agreement and any renewal provisions
6. Broker's Obligations: Details the services and duties the broker will perform
7. Client's Obligations: Specifies the buyer's responsibilities and commitments
8. Fees and Payment: Details compensation structure and payment terms
9. Termination: Sets out circumstances and process for ending the agreement
1. Non-Circumvention: Prevents direct dealing with properties introduced by broker - recommended for high-value properties or sophisticated buyers
2. Confidentiality: Protects sensitive information exchanged during the engagement - recommended when dealing with sensitive property information or off-market opportunities
3. Force Majeure: Addresses unforeseen circumstances preventing performance - recommended for long-term engagements
4. Data Protection: Addresses handling of personal data - recommended when significant personal data processing is involved
1. Schedule of Fees: Detailed breakdown of fee structure and payment terms
2. Service Level Agreement: Detailed description of services to be provided
3. Property Requirements: Specific criteria for properties the buyer is seeking
4. Excluded Properties: List of properties already known to the buyer or excluded from the agreement
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