The Buyer's Representation Agreement is a crucial document in Pakistani real estate transactions that formalizes the professional relationship between a property buyer and their chosen real estate agent. This agreement becomes necessary when a buyer seeks professional assistance in identifying, evaluating, and acquiring property in Pakistan. It provides legal protection for both parties by clearly defining the scope of services, compensation structure, and duration of representation. The document must comply with Pakistani contract law, including the Contract Act 1872 and relevant real estate regulations. It is particularly important in markets where multiple agents may be operating, as it establishes exclusive representation rights and helps prevent commission disputes. The agreement typically includes property requirements, commission structures, and specific provisions that may be required under local law or Islamic finance principles.
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1. Parties: Identification of the buyer and the real estate agent/agency, including full legal names, addresses, and contact information
2. Background: Context of the agreement, including the buyer's intention to purchase property and the agent's qualifications and licenses
3. Definitions: Key terms used throughout the agreement, including 'Property Requirements', 'Services', 'Commission', and other relevant terms
4. Appointment and Authority: Formal appointment of the agent and scope of authority granted by the buyer
5. Agent's Services and Obligations: Detailed description of services to be provided by the agent, including property search, negotiations, and advisory services
6. Buyer's Obligations: Buyer's responsibilities, including providing accurate information, cooperation, and exclusive representation terms
7. Commission Structure: Details of agent's compensation, payment terms, and conditions for commission becoming due
8. Term and Termination: Duration of the agreement, renewal terms, and conditions for termination
9. Confidentiality: Obligations regarding confidential information shared during the representation
10. Representations and Warranties: Statements of fact and promises made by both parties
11. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and relevant jurisdiction for disputes
12. Execution: Signature blocks and execution requirements
1. Multiple Buyers: Additional provisions when there are multiple buyers acting jointly
2. International Transactions: Special provisions for international buyers or cross-border transactions
3. Islamic Finance Compliance: Specific provisions ensuring compliance with Islamic finance principles
4. Property Type Specific Clauses: Special provisions for specific types of properties (commercial, industrial, agricultural)
5. Force Majeure: Provisions for unforeseen circumstances preventing performance
6. Digital Communications: Provisions for electronic communications and virtual property viewings
7. Dispute Resolution: Alternative dispute resolution mechanisms such as mediation or arbitration
1. Schedule A - Property Requirements: Detailed specifications of the type of property the buyer is seeking, including location, size, budget, and other requirements
2. Schedule B - Commission Structure: Detailed breakdown of commission calculations, including any sliding scales or special circumstances
3. Schedule C - Excluded Properties: List of properties already known to the buyer or excluded from the agreement
4. Schedule D - Required Documents: List of documents required from the buyer for property transactions
5. Appendix 1 - Agent's License: Copy of agent's current real estate license and registrations
6. Appendix 2 - Service Level Agreement: Detailed breakdown of service standards and response times
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