A Property Commission Agreement serves as the foundational document for establishing a professional relationship between property owners and real estate agents in Singapore. This agreement is essential when engaging a licensed agent to market, sell, or rent out property, whether residential or commercial. The document must comply with Singapore's Estate Agents Act 2010 and CEA guidelines, ensuring transparency in commission structures and protecting both parties' interests. Property Commission Agreements are particularly crucial in Singapore's highly regulated real estate market, where clear documentation of terms and compliance with legal requirements is mandatory.
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Key Requirements PROMPT example:
Property Commission Agreement
"I need a Property Commission Agreement for my luxury condominium in Singapore, with an exclusive agency arrangement and international marketing provisions, starting from March 2025 with a 6-month term and a tiered commission structure based on the final sale price."
1. Parties: Identification of the agent/agency and the property owner/client
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Terms of agent appointment and services covered
5. Commission Structure: Detailed breakdown of commission rates and payment terms
6. Duration: Term of the agreement including start and end dates
7. Obligations: Responsibilities of both parties
8. Termination: Conditions for ending the agreement
1. Exclusivity: Terms of exclusive agency rights for properties requiring dedicated representation
2. Marketing Plan: Specific marketing strategies and commitments for high-value properties or comprehensive service packages
3. International Marketing: Overseas marketing provisions for luxury properties or those targeting international buyers
4. Co-broking: Terms for working with other agents when cooperation with other agencies is permitted
1. Property Details Schedule: Detailed description of the property including address, size, features
2. Commission Rate Schedule: Detailed breakdown of commission rates for different scenarios
3. Marketing Schedule: Specific marketing activities and timeline
4. Required Documents Checklist: List of documents required from property owner
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