About this Document:
Have you ever been able to hold a real estate agent or a property broker liable for spoiling a property sale/purchase deal? Why? Because there are no written arrangements ordinarily and not many brokers, who may have even indicated to you that they are interested in working under the auspices of a written arrangement duly signed specifying a schedule of what all is necessary and should be;
To ensure that all the terms of an arrangement with a real estate agent are thoroughly recorded on a piece of paper and signed to avoid any ambiguity in the relationship that involves transactions that nobody does on a daily basis except for the real estate agents, we have drawn up a document that protects both the parties – the owner and the broker;
There are not many brokers in the business who work as organized as is desired for the purpose of providing safety and transparency of transaction in the sale and purchase of property. It is appropriate to get the Broker to sign a detailed agreement that govern your relationship with him. The terms and conditions that we have designed may help you to get the deal through in time and catch the Broker in the event that he is deviating from his obligations in the arrangement. The details have been provided in the explanatory notes that accompany the document. The document, as a matter of fact has been designed to protect the interests of both the parties – the owner and the Broker;
With minor alterations, the document can be used for transactions involving appointment of a broker for purchase of a property.
Who will use this document?
· Any owner of the house/commercial premises - arranging terms with an Broker for selling a property;
· A broker arranging terms with the owner of a property;
Key features:
· ready for adaptation to particular needs of either or both parties;
· brief, precise and comprehensive drawn in very simple user friendly language;
· detailed explanatory notes make it easier to understand;
· time is the essence of the contract;
· a schedule to give details of the property, site plan and/or drawings, if any;
This document includes provision for:
· Scope of services;
· Broker’s fees and charges;
· Duration and Termination;
· Broker’s other work;
· Dispute Resolution;
· Jurisdiction;
· Owner’s obligations;
· Status of parties;
· Appropriate legal provisions, warranties and exclusions
