The Buyer Listing Agreement is a crucial document in Nigerian real estate transactions that formalizes the professional relationship between a property buyer and their chosen real estate agent or brokerage firm. This agreement is essential when a buyer seeks professional representation in their property search and acquisition process. It complies with Nigerian real estate regulations, including the Estate Surveyors and Valuers Registration Act and relevant consumer protection laws. The document typically includes specific property requirements, geographic limitations, commission structures, and the scope of the agent's authority. It provides legal protection for both parties and clearly defines their respective rights, obligations, and expectations throughout the property search and acquisition process. This agreement is particularly important in Nigeria's complex real estate market, where proper documentation and clear terms of engagement are essential for successful property transactions.
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1. Parties: Identifies the real estate agent/brokerage firm and the buyer, including full legal names and addresses
2. Background: Explains the context of the agreement - that the buyer wishes to engage the agent to assist in purchasing property
3. Definitions: Defines key terms used throughout the agreement including 'Property Requirements', 'Territory', 'Commission', and 'Exclusive Right'
4. Appointment and Authority: Establishes the agency relationship and specifies the agent's authority to act on behalf of the buyer
5. Term of Agreement: Specifies the duration of the agreement, including start and end dates
6. Agent's Obligations: Details the services the agent will provide, including property search, negotiations, and advisory services
7. Buyer's Obligations: Outlines the buyer's responsibilities, including providing accurate requirements and cooperating with the agent
8. Commission Structure: Specifies the agent's compensation, payment terms, and conditions for commission earning
9. Confidentiality: Addresses the handling of confidential information shared between parties
10. Termination: Specifies conditions and procedures for ending the agreement
11. Governing Law: Confirms Nigerian law as governing law and specifies jurisdiction
12. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties
1. Dual Agency: Required when the agent may potentially represent both buyer and seller in a transaction
2. Property Requirements: Detailed section specifying buyer's requirements when these are specific and well-defined
3. Anti-Money Laundering Compliance: Required for high-value transactions or when dealing with international buyers
4. Force Majeure: Optional clause addressing unforeseen circumstances that may affect agreement performance
5. Dispute Resolution: Optional detailed procedures for handling disputes, including mediation or arbitration provisions
6. Assignment: Required when either party needs the right to transfer their rights under the agreement
1. Schedule A - Property Requirements: Detailed list of buyer's requirements including location, size, price range, and essential features
2. Schedule B - Commission Structure: Detailed breakdown of commission calculations and payment terms
3. Schedule C - Territory: Defines the geographic area covered by the agreement
4. Appendix 1 - Agent's License: Copy of agent's current professional license and registrations
5. Appendix 2 - Required Disclosures: Standard disclosures required under Nigerian real estate law
6. Appendix 3 - Agency Explanation: Detailed explanation of agency relationships and obligations under Nigerian law
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