The Buyer Representation Agreement Form is a crucial document in Nigerian real estate transactions that formalizes the relationship between a property buyer and their chosen real estate agent. This agreement is essential when a buyer seeks professional representation in finding and acquiring property in Nigeria, whether for residential, commercial, or investment purposes. The document sets out the agent's duties, buyer's obligations, compensation terms, and the scope of representation, all in compliance with Nigerian real estate laws and regulations. It provides legal protection for both parties and clarity on the terms of engagement, including specific provisions required by Nigerian law such as anti-money laundering compliance and agency disclosure requirements. The agreement is particularly important in the Nigerian context where property transactions can be complex and require careful navigation of local property laws and customs.
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1. Parties: Identification of the buyer (principal) and the real estate agent (agent), including full legal names, addresses, and contact information
2. Background: Brief context explaining the purpose of the agreement and the parties' intention to enter into an agency relationship
3. Definitions: Key terms used throughout the agreement, including technical real estate terminology and specific terms relevant to Nigerian property law
4. Appointment and Authority: Formal appointment of the agent and scope of authority granted by the buyer
5. Agent's Duties and Responsibilities: Comprehensive list of services the agent will provide, including property search, negotiations, and advisory services
6. Buyer's Obligations: Buyer's commitments, including cooperation, information provision, and financial obligations
7. Term and Termination: Duration of the agreement and conditions for termination by either party
8. Compensation: Agent's fee structure, payment terms, and conditions for commission earning
9. Confidentiality: Obligations regarding confidential information shared during the agency relationship
10. Governing Law: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Multiple Agency Disclosure: Required when the agent may represent other buyers or sellers, explaining potential conflicts of interest
2. International Transaction Provisions: Needed for buyers purchasing property from abroad, including specific provisions for international transactions
3. Property Type Restrictions: Used when the buyer is specifically interested in certain types of properties or locations
4. Special Power of Attorney: Required when the agent needs specific authority to act on behalf of the buyer in certain transactions
5. Anti-Money Laundering Compliance: Additional provisions for high-value transactions or when required by Nigerian AML regulations
6. Force Majeure: Provisions for unforeseen circumstances that may affect the agreement's performance
1. Schedule A - Service Package Details: Detailed breakdown of services included in the representation agreement
2. Schedule B - Fee Structure: Comprehensive breakdown of all fees, commissions, and payment terms
3. Schedule C - Buyer's Property Requirements: Detailed specifications of the type of property the buyer is seeking
4. Appendix 1 - Required Documentation: List of documents required from the buyer for proper representation
5. Appendix 2 - Agency Disclosure Form: Standard form required by Nigerian real estate regulations regarding agency relationships
6. Appendix 3 - Compliance Checklist: Checklist ensuring compliance with Nigerian real estate and agency laws
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