The Broker Fee Agreement is a crucial document used in Singapore to formalize the professional relationship between brokers and their clients. This agreement outlines the scope of brokerage services, fee structures, and mutual obligations while ensuring compliance with Singapore's regulatory framework, including the Estate Agents Act and relevant CEA guidelines. The document is particularly important for protecting both parties' interests by clearly defining commission rates, payment terms, and service expectations, while incorporating necessary safeguards required under Singapore law.
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Key Requirements PROMPT example:
Broker Fee Agreement
"I need a Broker Fee Agreement for my Singapore-based real estate agency to engage with high-net-worth clients, including specific provisions for luxury property transactions and a tiered commission structure based on property value."
1. Parties: Identification of the broker and client, including full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of brokerage services to be provided
5. Fee Structure: Breakdown of broker fees, commission rates, and payment terms
6. Term and Termination: Duration of agreement and termination conditions
7. Obligations of Parties: Responsibilities and duties of both broker and client
8. Governing Law: Specification of Singapore law as governing law
1. Exclusivity: Terms of exclusive arrangement, used when broker is granted exclusive rights
2. Performance Metrics: Specific performance targets or KPIs, used for performance-based arrangements
3. Insurance Requirements: Professional indemnity and other insurance obligations, typically included for high-value transactions
4. Confidentiality: Terms regarding confidential information, included when sensitive information is involved
1. Fee Schedule: Detailed breakdown of all fees and commission structures
2. Service Level Agreement: Detailed description of service standards and expectations
3. Required Documentation: List of documents required for transactions
4. Compliance Requirements: Specific regulatory compliance obligations under Singapore law
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