The Real Estate Listing Contract is a fundamental document in Nigerian property transactions, used when a property owner wishes to engage a professional real estate agent or broker to market and sell/lease their property. This agreement is essential in the Nigerian real estate market, where it must comply with various regulations including the Land Use Act, Estate Surveyors and Valuers Registration Act, and relevant state-specific property laws. The contract typically includes detailed specifications about the property, listing price, commission structure, marketing authorizations, and the scope of the agent's authority. It serves as a crucial tool for protecting both the property owner's and agent's interests by clearly defining their respective rights, obligations, and the terms of their professional relationship. The document is particularly important in Nigeria's dynamic real estate market, where formal documentation of agency relationships is required for legal enforcement and professional accountability.
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1. Parties: Identifies the property owner (seller) and the real estate agent/broker, including full legal names, addresses, and registration numbers
2. Background: Brief context explaining the owner's intention to sell/lease the property and appointment of the agent
3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Listing Period', 'Listing Price', 'Commission', etc.
4. Appointment and Authority: Formal appointment of the agent and scope of authority granted
5. Property Details: Complete description of the property being listed, including legal description and physical address
6. Listing Terms: Specific terms including listing price, listing period, and type of listing (exclusive or non-exclusive)
7. Agent's Obligations: Detailed responsibilities of the agent including marketing efforts, showing the property, and reporting requirements
8. Owner's Obligations: Property owner's responsibilities including providing access, maintaining the property, and disclosure requirements
9. Commission Structure: Detailed breakdown of commission rates, payment terms, and conditions for commission becoming due
10. Marketing Authorization: Permission for specific marketing activities and use of property information/images
11. Term and Termination: Duration of the agreement, renewal terms, and conditions for termination
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Multiple Listing Service: Include when the property will be listed on MLS systems - specifies terms of MLS listing
2. Virtual Tours: Include when virtual tour services will be provided - details permissions and specifications
3. International Marketing: Include for high-value properties requiring international marketing efforts
4. Property Management: Include when agent will provide property management services during the listing period
5. Dual Agency: Include when the agent may potentially represent both seller and buyer
6. Protection Period: Include to protect agent's right to commission after listing expiration for previously introduced buyers
7. Special Showing Instructions: Include when property requires specific showing procedures or has restricted access
8. Renovation/Staging Services: Include when agent will coordinate or provide property improvement services
1. Schedule A - Property Details: Detailed property specification including lot size, building specifications, amenities, and included fixtures
2. Schedule B - Marketing Plan: Comprehensive marketing strategy and specific marketing activities to be undertaken
3. Schedule C - Commission Schedule: Detailed breakdown of commission structures for different sale scenarios
4. Schedule D - Property Photos: Approved photographs of the property for marketing purposes
5. Schedule E - Property Documents: List of property documents provided by owner (title documents, surveys, permits, etc.)
6. Appendix 1 - Agent Credentials: Agent's license, certifications, and professional memberships
7. Appendix 2 - Property Condition Report: Current condition assessment of the property
8. Appendix 3 - Comparable Market Analysis: Analysis of comparable properties supporting the listing price
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Legal Services
Property Management
Real Estate Investment
Banking and Finance
Insurance
Professional Services
Hospitality
Relevant Teams
Legal
Real Estate Operations
Sales
Business Development
Compliance
Contract Administration
Property Management
Investment
Valuation
Documentation
Relevant Roles
Real Estate Agent
Property Manager
Real Estate Broker
Legal Counsel
Property Developer
Estate Surveyor
Sales Manager
Business Development Manager
Compliance Officer
Contract Administrator
Real Estate Investment Manager
Property Valuer
Legal Administrator
Real Estate Operations Manager
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