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Provide a template for a Real Estate Brokerage Representation Agreement
Real Estate Brokerage Representation Agreement Template
Introduction
A Real Estate Brokerage Representation Agreement is a legally binding contract between a real estate broker and a client, typically a buyer or seller of real estate. This agreement outlines the terms and conditions under which the broker will represent the client in real estate transactions. Below is a detailed template for a Real Estate Brokerage Representation Agreement relevant to Kenya.
Table of Contents
Agreement Overview
Parties Involved
Definitions
Scope of Representation
Broker's Duties and Responsibilities
Client's Duties and Responsibilities
Compensation
Term and Termination
Confidentiality
Dispute Resolution
Governing Law
Miscellaneous Provisions
Signatures
1. Agreement Overview
This Real Estate Brokerage Representation Agreement ("Agreement") is made and entered into on [Date], by and between [Broker's Full Name], a licensed real estate broker ("Broker"), and [Client's Full Name] ("Client").
2. Parties Involved
Broker:
Name: [Broker's Full Name]
License Number: [Broker's License Number]
Address: [Broker's Address]
Contact Information: [Broker's Contact Information]
Client:
Name: [Client's Full Name]
Address: [Client's Address]
Contact Information: [Client's Contact Information]
3. Definitions
Brokerage Services: The services provided by the Broker as described in this Agreement.
Property: The real estate property that is the subject of the brokerage services.
Commission: The fee payable to the Broker for the services rendered.
4. Scope of Representation
The Broker agrees to represent the Client in the purchase/sale/lease of the Property located at [Property Address]. The Broker will use their best efforts to locate suitable properties for the Client and negotiate terms on behalf of the Client.
5. Broker's Duties and Responsibilities
The Broker shall:
Act in the best interest of the Client.
Provide professional advice and guidance throughout the transaction process.
Conduct market research and provide relevant property listings.
Assist in the negotiation of terms and conditions of the transaction.
Ensure compliance with all applicable laws and regulations.
6. Client's Duties and Responsibilities
The Client shall:
Provide accurate and complete information to the Broker.
Cooperate with the Broker in scheduling property viewings and meetings.
Notify the Broker of any changes in their requirements or preferences.
Pay the agreed-upon commission to the Broker upon successful completion of the transaction.
7. Compensation
The Client agrees to pay the Broker a commission of [Percentage]% of the purchase/sale price of the Property, or a flat fee of [Amount] KES, upon the successful completion of the transaction. The commission shall be payable at the closing of the transaction.
8. Term and Termination
This Agreement shall commence on the date first written above and shall continue until [End Date], unless terminated earlier by either party with [Number] days' written notice. In the event of termination, the Client shall pay the Broker for all services rendered up to the date of termination.
9. Confidentiality
Both parties agree to keep all information related to this Agreement and the transactions contemplated herein confidential, except as required by law or as necessary to perform the obligations under this Agreement.
10. Dispute Resolution
Any disputes arising out of or in connection with this Agreement shall be resolved through mediation. If mediation fails, the dispute shall be submitted to arbitration in accordance with the rules of the Chartered Institute of Arbitrators, Kenya Branch. The decision of the arbitrator shall be final and binding on both parties.
11. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Kenya.
12. Miscellaneous Provisions
Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral.
Amendments: Any amendments to this Agreement must be in writing and signed by both parties.
Severability: If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
13. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Brokerage Representation Agreement as of the day and year first above written.
Broker:
Signature: ___________________________
Name: [Broker's Full Name]
Date: [Date]
Client:
Signature: ___________________________
Name: [Client's Full Name]
Date: [Date]
TLDR
This template provides a comprehensive Real Estate Brokerage Representation Agreement, outlining the roles, responsibilities, and expectations of both the broker and the client in a real estate transaction in Kenya.
Conclusion
A well-drafted Real Estate Brokerage Representation Agreement is crucial for ensuring a clear understanding between the broker and the client, thereby facilitating a smooth and professional real estate transaction. This template serves as a guide to creating a detailed and legally sound agreement tailored to the specific needs of the parties involved.
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