The Real Estate Agent Agreement is a crucial document in Singapore's property market that formalizes the relationship between licensed real estate professionals and their clients. It is designed to comply with Singapore's Estate Agents Act 2010 and CEA regulations, providing clear guidelines on services, responsibilities, and compensation. This agreement is essential for both residential and commercial property transactions, protecting the interests of all parties involved while ensuring transparency and professional conduct in accordance with Singapore's strict real estate regulations. It becomes particularly important given Singapore's unique property market, which includes both private and public (HDB) housing sectors.
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Key Requirements PROMPT example:
Real Estate Agent Agreement
"I need a Real Estate Agent Agreement for my Singapore-based agency to engage an exclusive agent for selling a high-end commercial property in the CBD area, with specific provisions for international marketing and a tiered commission structure based on achieving price targets."
1. Parties: Identification of the agent and the client with full details
2. Background: Context of the agreement and brief description of services
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Terms of agent appointment and detailed scope of services
5. Agent's Obligations: Duties and responsibilities of the agent
6. Client's Obligations: Duties and responsibilities of the client
7. Commission Structure: Details of fees, commission rates, and payment terms
8. Term and Termination: Duration of agreement and termination conditions
9. Confidentiality: Handling of confidential information
1. Exclusivity: Terms of exclusive appointment, used when agent has sole rights
2. Marketing Plan: Detailed marketing strategy and activities for high-value properties or comprehensive service packages
3. Sub-Agents: Terms for appointing and managing sub-agents when additional agents may be involved
4. International Services: Additional terms for international property transactions and cross-border dealings
1. Property Details Schedule: Detailed description of property(ies) covered by agreement
2. Commission Schedule: Detailed breakdown of commission structures and scenarios
3. Marketing Schedule: Detailed marketing plan and activities
4. Required Documents Checklist: List of documents required from client
5. Agency Terms and Conditions: Standard terms and conditions as required by CEA
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