The Buyer's Representative Agreement serves as a crucial legal instrument in Indian real estate transactions, establishing a formal relationship between property buyers and their appointed representatives. This document becomes necessary when a buyer seeks professional assistance in identifying, evaluating, and acquiring property, whether for residential, commercial, or investment purposes. It ensures compliance with Indian regulations, particularly the Real Estate (Regulation and Development) Act (RERA), while clearly defining the scope of services, compensation structure, and obligations of both parties. The agreement protects both the buyer's interests and the representative's right to compensation, making it essential for transparent and professional real estate transactions in India. It includes provisions for exclusivity, confidentiality, and dispute resolution, tailored to meet specific requirements of the Indian real estate market and legal framework.
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1. Parties: Identification of the buyer and the buyer's representative, including full legal names, addresses, and registration details (especially RERA registration for the agent)
2. Background: Context of the agreement, including the buyer's intention to purchase property and the agent's qualifications and authority to act as a buyer's representative
3. Definitions: Key terms used throughout the agreement, including but not limited to 'Property', 'Services', 'Commission', 'Exclusive Period'
4. Appointment and Scope of Services: Formal appointment of the representative and detailed description of services to be provided
5. Term and Termination: Duration of the agreement, renewal terms, and conditions for termination by either party
6. Representative's Obligations: Detailed responsibilities including property search, negotiation, due diligence, and documentation assistance
7. Buyer's Obligations: Buyer's responsibilities including providing accurate information, cooperation, and exclusive dealing terms
8. Compensation: Fee structure, payment terms, and conditions for commission eligibility
9. Confidentiality: Obligations regarding confidential information shared during the engagement
10. Representations and Warranties: Statements of fact and guarantees by both parties
11. Limitation of Liability: Extent and limitations of the representative's liability
12. Dispute Resolution: Process for handling disagreements, including jurisdiction and governing law
13. General Provisions: Standard clauses including notices, amendments, entire agreement, and severability
1. Exclusive Right to Represent: Used when the agreement is exclusive, preventing the buyer from engaging other representatives
2. Property Type Specifications: Include when the buyer has specific property requirements or is focusing on particular property types
3. Sub-Agency: Include when the representative may need to engage other agents or professionals
4. Digital Communications: Include when parties agree to use specific digital platforms or electronic communications
5. Force Majeure: Include specific provisions for unforeseen circumstances affecting performance
6. Non-Circumvention: Include when there's risk of the buyer bypassing the representative
7. International Considerations: Include for non-resident Indian buyers or international transactions
1. Schedule A - Service Details: Detailed breakdown of all services to be provided by the representative
2. Schedule B - Fee Structure: Detailed commission calculations, payment schedules, and reimbursable expenses
3. Schedule C - Property Requirements: Specific details of the type of property the buyer is seeking
4. Schedule D - Required Documents: List of documents required from the buyer for due diligence
5. Appendix 1 - RERA Compliance: Representative's RERA registration details and compliance requirements
6. Appendix 2 - Power of Attorney: Format of power of attorney if required for specific transactions
7. Appendix 3 - Communication Protocols: Agreed methods and timing of communications between parties
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Industrial Property
Retail Property
Corporate Services
Professional Services
Legal Services
Investment Management
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Corporate Services
Acquisitions
Investment
Risk Management
Operations
Administration
Relevant Roles
Real Estate Agent
Property Consultant
Real Estate Broker
Legal Counsel
Property Manager
Acquisition Manager
Real Estate Manager
Investment Manager
Compliance Officer
Corporate Real Estate Manager
Property Buyer Representative
Real Estate Transaction Coordinator
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