The Buyer's Exclusive Agency Contract is a crucial document in Pakistani real estate transactions, used when a property buyer wishes to secure dedicated representation from a real estate agent. This agreement, governed by Pakistani law including the Contract Act 1872 and relevant real estate regulations, establishes the agent as the buyer's sole representative in property matters. It's particularly important in competitive real estate markets where buyers need focused, committed representation. The document typically includes detailed property requirements, commission structures, territory definitions, and service expectations, while ensuring compliance with local registration requirements and stamp duty obligations. It protects both parties' interests by clearly defining the scope of services, exclusivity period, and compensation terms, while incorporating necessary provisions for Islamic law compliance where required.
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1. Parties: Identification of the buyer (principal) and the real estate agent (agent), including full legal names, addresses, and contact details
2. Background: Context of the agreement, including the buyer's intention to purchase property and appointment of the agent
3. Definitions: Key terms used throughout the agreement, including 'Property Requirements', 'Territory', 'Commission', and 'Exclusive Period'
4. Appointment and Scope: Formal appointment of the agent and detailed description of services to be provided, emphasizing the exclusive nature of the arrangement
5. Term and Termination: Duration of the exclusive agency agreement and conditions for termination
6. Agent's Obligations: Detailed list of agent's duties, including property search, negotiations, and reporting requirements
7. Buyer's Obligations: Buyer's commitments, including providing accurate requirements, cooperating with the agent, and maintaining exclusivity
8. Commission Structure: Details of agent's compensation, including rate, calculation method, and payment terms
9. Confidentiality: Obligations regarding confidential information shared during the agency relationship
10. Representations and Warranties: Standard declarations by both parties about their capacity and authority to enter into the agreement
11. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and jurisdiction for dispute resolution
1. Post-Termination Obligations: Include when there's a need to protect the agent's interests after agreement termination, particularly regarding commission for identified properties
2. Force Majeure: Include in regions prone to political or economic instability, defining circumstances that excuse performance
3. Islamic Law Compliance: Include when parties specifically require compliance with Islamic banking and finance principles
4. Anti-Money Laundering: Include for high-value transactions or when dealing with international buyers
5. Dispute Resolution: Include detailed arbitration or mediation procedures when parties prefer alternative dispute resolution
6. Sub-Agents: Include when the agent may need to appoint sub-agents to assist in property search
7. Digital Communications: Include when parties agree to use electronic means for official communications and notifications
1. Schedule 1 - Property Requirements: Detailed specifications of the type of property the buyer is seeking, including location, size, budget, and other requirements
2. Schedule 2 - Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment terms
3. Schedule 3 - Territory: Geographic areas where the agent has exclusive rights to represent the buyer
4. Schedule 4 - Required Documents: List of documents the buyer must provide for property purchase and agent verification
5. Appendix A - Agent's Credentials: Agent's professional licenses, certifications, and registration details
6. Appendix B - Service Level Agreement: Detailed description of service standards and response times expected from the agent
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Legal Services
Professional Services
Banking & Finance
Investment & Asset Management
Relevant Teams
Legal
Compliance
Real Estate
Property Management
Risk Management
Contracts Administration
Business Development
Investment Advisory
Operations
Documentation
Relevant Roles
Real Estate Agent
Property Consultant
Legal Counsel
Compliance Officer
Property Manager
Real Estate Broker
Contract Manager
Real Estate Investment Advisor
Property Acquisition Manager
Real Estate Portfolio Manager
Legal Director
Risk Manager
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