The Land Sale Commission Agreement is essential for formalizing the relationship between property owners and real estate agents in India. This document is typically used when a property owner wishes to engage a professional real estate agent or broker to market and sell their property for a commission-based fee. The agreement must comply with the Real Estate (Regulation and Development) Act 2016 (RERA), state-specific real estate regulations, and other applicable Indian property laws. It outlines crucial elements such as the commission structure, payment terms, scope of services, marketing responsibilities, and conditions for successful completion of the sale. The document provides legal protection for both parties and clarity on their respective rights and obligations throughout the property sale process.
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Key Requirements PROMPT example:
Land Sale Commission Agreement
"I need a Land Sale Commission Agreement for my commercial property in Mumbai, with an exclusive 6-month term starting January 2025, including a 2% commission rate and specific performance targets for the agent."
1. Parties: Identifies the property owner (Principal) and the real estate agent (Agent), including their complete contact details and RERA registration numbers
2. Background: Explains the context of the agreement, including the owner's intention to sell the property and the agent's qualification to provide the services
3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Commission', 'Sale Price', 'Successful Transaction', etc.
4. Appointment and Scope: Details the appointment of the agent and specific services to be provided in relation to the property sale
5. Property Details: Comprehensive description of the property being sold, including legal description and current status
6. Commission Structure: Specifies the commission rate, calculation method, and conditions for commission payment
7. Payment Terms: Details when and how the commission will be paid, including any advance payments or installments
8. Agent's Obligations: Lists all duties and responsibilities of the agent in marketing and facilitating the sale
9. Principal's Obligations: Outlines the property owner's responsibilities and commitments
10. Term and Termination: Specifies the duration of the agreement and conditions for termination
11. Representations and Warranties: Standard representations by both parties regarding their capacity and authority
12. Governing Law and Jurisdiction: Specifies that Indian law governs the agreement and designates jurisdiction for disputes
13. Notices: Describes how formal communications between parties should be made and delivered
14. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties
1. Exclusivity: Used when the agent is granted exclusive rights to sell the property for a specified period
2. Sub-Agents: Include when the agent is permitted to appoint sub-agents and defines terms for such appointments
3. Marketing Budget: Include when specific marketing commitments and budget allocations need to be defined
4. Post-Termination Obligations: Used when there's a need to protect the agent's commission rights for leads generated during the agreement period
5. Digital Marketing Rights: Include when specific terms regarding online marketing and virtual tours need to be addressed
6. Force Majeure: Include when parties want to address unforeseen circumstances affecting performance
7. Confidentiality: Used when sensitive property or business information needs protection
1. Schedule A - Property Details: Detailed description of the property including location, dimensions, title details, and encumbrances
2. Schedule B - Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment scenarios
3. Schedule C - Marketing Plan: Specific marketing activities and timeline proposed by the agent
4. Schedule D - Required Documents: List of documents the owner must provide for the sale process
5. Appendix 1 - Property Photos and Plans: Visual documentation of the property
6. Appendix 2 - Agent's RERA Registration: Copy of agent's RERA registration and other relevant licenses
7. Appendix 3 - Property Title Documents: Copies of key property ownership documents
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial Property
Agricultural Land
Property Development
Real Estate Investment
Construction
Urban Development
Property Management
Relevant Teams
Legal
Real Estate
Sales
Business Development
Compliance
Property Management
Contract Administration
Asset Management
Risk Management
Corporate Services
Relevant Roles
Real Estate Agent
Property Broker
Real Estate Manager
Property Manager
Legal Counsel
Property Lawyer
Real Estate Director
Business Development Manager
Sales Manager
Contract Manager
Compliance Officer
Property Consultant
Real Estate Transaction Coordinator
Asset Manager
Real Estate Portfolio Manager
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