The Agency Agreement For Sale Of Residential Property is a crucial document in Indian real estate transactions, designed to formalize the relationship between property owners and real estate agents. This agreement becomes necessary when a property owner wishes to engage a professional agent to market and sell their residential property. It must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), the Indian Contract Act, 1872, and other relevant Indian legislation. The document typically includes detailed provisions for agent responsibilities, commission structures, marketing strategies, and property representation terms. It's particularly important in India's regulated real estate market where clear documentation of agency relationships is required for legal compliance and protection of all parties' interests.
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1. Parties: Identifies the property owner (Principal) and the real estate agent (Agent), including their full legal names, addresses, and registration details
2. Background: Describes the context of the agreement, including brief property details and the Principal's intention to sell through the Agent
3. Definitions: Defines key terms used throughout the agreement including Property, Services, Commission, Exclusive Agency Period, etc.
4. Appointment and Scope: Details the appointment of the Agent, whether exclusive or non-exclusive, and the specific services to be provided
5. Agent's Obligations: Lists all duties and responsibilities of the Agent including marketing, showing property, negotiating, reporting, etc.
6. Principal's Obligations: Outlines the property owner's responsibilities including providing accurate information, access to property, and cooperation
7. Commission and Fees: Specifies the commission structure, payment terms, and any additional fees or expenses
8. Term and Termination: States the duration of the agreement and conditions for termination by either party
9. Compliance and Representations: Includes RERA compliance statements and other regulatory requirements
10. Liability and Indemnity: Addresses liability limitations and indemnification provisions
11. General Provisions: Standard clauses including notices, governing law, dispute resolution, etc.
1. Digital Marketing Services: Detailed provisions for online marketing when the agent provides extensive digital marketing services
2. International Marketing: Additional provisions for marketing to international buyers, including overseas advertising and currency considerations
3. Property Management: Added when the agent will manage the property until sale, including maintenance and tenant coordination
4. Dual Agency: Required when the agent may represent both seller and buyer
5. Sub-Agency: Provisions for allowing or restricting the agent's ability to appoint sub-agents
6. Virtual Tours and Photography: Specific terms regarding virtual tour services and professional photography rights
7. Force Majeure: Detailed provisions for unforeseen circumstances affecting performance
1. Property Details: Comprehensive description of the property including address, boundaries, registration details, and amenities
2. Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment schedules
3. Marketing Plan: Specific marketing activities and timeline proposed by the agent
4. Agent's RERA Registration: Copy of agent's RERA registration and other relevant licenses
5. Property Documents: List of property documents provided by the owner to the agent
6. Service Level Agreement: Detailed performance metrics and service standards
7. Fee Schedule: Breakdown of all additional fees and charges beyond the basic commission
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Property Development
Real Estate Brokerage
Property Management
Legal Services
Construction
Relevant Teams
Legal
Compliance
Real Estate Sales
Business Development
Property Management
Contract Administration
Risk Management
Operations
Relevant Roles
Real Estate Agent
Property Manager
Legal Counsel
Compliance Officer
Real Estate Broker
Sales Manager
Business Development Manager
Property Developer
Contract Administrator
Real Estate Partner
Property Consultant
RERA Compliance Manager
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