The Real Estate Agent Partnership Agreement is essential for real estate professionals in India who wish to formalize their business relationship through a partnership structure. This document is particularly relevant when two or more RERA-registered agents or brokerage firms decide to combine their expertise, resources, and client networks. The agreement must comply with both the Indian Partnership Act, 1932, and RERA 2016 requirements, making it suitable for new partnerships or updating existing arrangements to meet current regulatory standards. It covers crucial aspects such as capital contribution, profit sharing, operational responsibilities, compliance requirements, and client management protocols. The agreement is designed to protect partners' interests while ensuring transparency and regulatory compliance in Indian real estate operations.
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1. Parties: Identification of all partners entering into the agreement, including their full legal names, addresses, and professional registration details
2. Background: Context of the partnership formation, including the partners' qualifications, RERA registration status, and business objectives
3. Definitions: Key terms used throughout the agreement, including technical real estate terminology and partnership-specific definitions
4. Partnership Structure: Legal structure of the partnership, including the firm name, principal place of business, and branch offices if any
5. Capital Contribution: Details of initial and ongoing capital contributions from each partner, including valuation of non-monetary contributions
6. Profit and Loss Sharing: Ratio and mechanism for sharing profits and losses among partners, including commission distribution structure
7. Management and Operations: Day-to-day management responsibilities, decision-making processes, and operational procedures
8. Rights and Duties of Partners: Specific rights and obligations of each partner, including compliance with RERA and other regulatory requirements
9. Banking and Financial Matters: Banking arrangements, financial management procedures, and accounting practices
10. Client Management: Procedures for client acquisition, management, and service delivery standards
11. Compliance and Reporting: Regulatory compliance requirements, including RERA reporting and other statutory obligations
12. Term and Termination: Duration of the partnership and conditions for termination or dissolution
13. Dispute Resolution: Procedures for resolving disputes between partners, including mediation and arbitration provisions
14. Governing Law: Applicable laws governing the agreement and jurisdiction for dispute resolution
1. Non-Compete and Non-Solicitation: Restrictions on partners' competitive activities and client solicitation, used when partners want to protect their business interests
2. Intellectual Property Rights: Ownership and usage rights of partnership's intellectual property, important when the firm has developed proprietary tools or branding
3. Insurance: Professional indemnity and other insurance requirements, recommended for larger partnerships
4. Assignment and Transfer of Interest: Procedures for transferring partnership interests, important for larger partnerships or those planning future expansion
5. Technology and Data Management: Policies regarding use of technology and data protection, crucial for digitally-oriented operations
6. Marketing and Branding: Guidelines for marketing activities and brand usage, important for partnerships with significant marketing presence
7. Training and Development: Professional development requirements and training policies, useful for partnerships focusing on growth
8. Retirement and Succession: Procedures for partner retirement and succession planning, important for long-term partnerships
1. Schedule A - Capital Contributions: Detailed breakdown of each partner's capital contributions, including valuations of non-monetary assets
2. Schedule B - Commission Structure: Detailed commission rates, calculation methods, and distribution framework
3. Schedule C - Operating Procedures: Detailed operational procedures, including client handling protocols and documentation requirements
4. Schedule D - Territory Allocation: Geographical areas or market segments assigned to different partners
5. Schedule E - RERA Compliance Checklist: Detailed requirements and procedures for maintaining RERA compliance
6. Appendix 1 - Partner Details: Detailed information about each partner, including qualifications and registration details
7. Appendix 2 - Office Locations: List of all office locations and their respective responsibilities
8. Appendix 3 - Standard Forms: Templates for common documents used in the business operations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Property Management
Property Investment
Construction
Urban Development
Real Estate Consulting
Relevant Teams
Legal
Real Estate Operations
Compliance
Business Development
Property Sales
Administration
Finance
Risk Management
Corporate Affairs
Partnership Management
Relevant Roles
Real Estate Agent
Property Consultant
Real Estate Broker
Managing Partner
Partnership Firm Director
Real Estate Business Development Manager
Property Sales Manager
Compliance Officer
Real Estate Operations Manager
Legal Counsel
Chief Executive Officer
Managing Director
Real Estate Partnership Manager
RERA Compliance Manager
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