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Exclusive Buyer Brokerage Agreement for Nigeria

Exclusive Buyer Brokerage Agreement Template for Nigeria

A legally binding agreement governed by Nigerian law that establishes an exclusive relationship between a real estate broker and a property buyer. The agreement grants the broker sole and exclusive rights to represent the buyer in identifying, negotiating, and acquiring real estate properties within specified parameters. It details the scope of services, compensation structure, duration of exclusivity, and obligations of both parties while ensuring compliance with Nigerian real estate regulations and professional practice standards. The document includes provisions for protecting both parties' interests and establishing clear parameters for the professional relationship.

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Exclusive Buyer Brokerage Agreement

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What is a Exclusive Buyer Brokerage Agreement?

The Exclusive Buyer Brokerage Agreement is a critical document used in Nigerian real estate transactions when a property buyer seeks dedicated representation from a real estate broker. This agreement is particularly important in Nigeria's dynamic property market, where professional representation can be crucial for navigating complex property transactions. The document establishes the broker's exclusive right to represent the buyer, detailing services such as property search, market analysis, negotiation support, and transaction coordination. It includes specific provisions that comply with Nigerian real estate regulations, including the Estate Surveyors and Valuers Registration Act, and addresses key aspects such as broker compensation, duration of exclusivity, and professional obligations. This agreement is typically used when buyers seek professional assistance in property acquisition and want to ensure dedicated, conflict-free representation throughout the purchase process.

What sections should be included in a Exclusive Buyer Brokerage Agreement?

1. Parties: Identifies and provides full details of the buyer (principal) and the brokerage firm (agent)

2. Background: Explains the context of the agreement and the buyer's intention to engage the broker

3. Definitions: Defines key terms used throughout the agreement including 'Exclusive Period', 'Property Requirements', and 'Brokerage Services'

4. Appointment and Scope: Establishes the exclusive appointment of the broker and details the scope of services to be provided

5. Term and Termination: Specifies the duration of the exclusive agreement and conditions for termination

6. Broker's Obligations: Details the duties and responsibilities of the broker including property search, negotiations, and professional conduct

7. Client's Obligations: Outlines the buyer's responsibilities including providing accurate requirements and cooperating with the broker

8. Compensation: Specifies the broker's fees, payment terms, and circumstances under which compensation becomes due

9. Confidentiality: Addresses the handling of confidential information shared during the engagement

10. Exclusivity Provisions: Details the terms of exclusivity and consequences of breach

11. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and defines jurisdiction for dispute resolution

What sections are optional to include in a Exclusive Buyer Brokerage Agreement?

1. Protection Period: Defines a period after termination during which the broker remains entitled to compensation - include when working with sophisticated clients or high-value properties

2. Virtual Services: Specifies terms for virtual property viewings and online services - include when offering digital services

3. Multiple Currency Provisions: Addresses payment in multiple currencies - include for international clients

4. Force Majeure: Covers unforeseeable circumstances preventing performance - include in volatile markets or uncertain conditions

5. Anti-Money Laundering Compliance: Details AML compliance requirements - include for high-value transactions or with corporate clients

6. Assignment Rights: Addresses the right to assign the agreement - include when working with corporate clients

What schedules should be included in a Exclusive Buyer Brokerage Agreement?

1. Schedule 1: Property Requirements: Detailed specification of the client's property requirements including location, size, budget, and essential features

2. Schedule 2: Fee Structure: Detailed breakdown of all applicable fees, commission rates, and payment terms

3. Schedule 3: Scope of Services: Comprehensive list of services to be provided by the broker

4. Appendix A: Required Documents: List of documents required from the client for proper representation

5. Appendix B: Broker's Credentials: Copies of broker's licenses, certifications, and professional memberships

6. Appendix C: Agency Disclosure: Standard agency disclosure form as required by Nigerian real estate regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Document Type

Service Agreement

Cost

Free to use
Relevant legal definitions









































Clauses




































Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Retail

Industrial

Hospitality

Healthcare

Education

Banking and Finance

Professional Services

Relevant Teams

Real Estate

Legal

Compliance

Finance

Operations

Risk Management

Facilities Management

Corporate Services

Procurement

Business Development

Investment

Relevant Roles

Real Estate Broker

Property Acquisition Manager

Real Estate Agent

Legal Counsel

Property Manager

Facilities Manager

Real Estate Director

Chief Financial Officer

Investment Manager

Asset Manager

Corporate Real Estate Manager

Compliance Officer

Risk Manager

Business Development Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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