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Non Exclusive Buyer Broker Agreement

Non Exclusive Buyer Broker Agreement Generator for Australia

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Key Requirements PROMPT example:

Non Exclusive Buyer Broker Agreement

"I need a Non Exclusive Buyer Broker Agreement for a residential property search in Sydney, Australia, with standard terms and a six-month duration starting January 2025, including provisions for virtual property viewings and electronic communications."

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Document background
This Non-Exclusive Buyer Broker Agreement is designed for use in the Australian property market when a buyer wishes to engage a broker's services while maintaining the flexibility to work with other brokers. The document is essential for establishing clear terms of engagement while protecting both parties' interests under Australian law. It includes detailed provisions for broker services, commission structures, and compliance with Australian real estate regulations, including the Property and Stock Agents Act 2002 and relevant consumer protection laws. The agreement is particularly useful for buyers who want to maximize their property search options while maintaining professional broker relationships, and it can be adapted for both residential and commercial property transactions.
Suggested Sections

1. Parties: Identifies the buyer and the broker/brokerage firm with full legal names and contact details

2. Background: Explains the context of the agreement and the buyer's intention to engage the broker's services

3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Services', 'Commission', 'Term' etc.

4. Appointment and Scope of Services: Details the broker's appointment and comprehensive list of services to be provided

5. Non-Exclusive Nature: Explicitly states the non-exclusive nature of the arrangement and the buyer's right to engage other brokers

6. Term and Termination: Specifies the duration of the agreement and circumstances for termination

7. Broker's Obligations: Lists the broker's duties, responsibilities, and standard of service

8. Buyer's Obligations: Outlines the buyer's responsibilities and cooperation requirements

9. Fees and Commission: Details the fee structure, payment terms, and circumstances when commission becomes payable

10. Confidentiality: Addresses the handling and protection of confidential information

11. Liability and Indemnity: Sets out liability limitations and indemnification provisions

12. General Provisions: Includes standard clauses like governing law, notices, and entire agreement

Optional Sections

1. Electronic Communications: Include when parties agree to conduct business electronically, covering email communications and electronic signatures

2. International Considerations: Add for international buyers, addressing currency, foreign investment approvals, and cross-border issues

3. Buyer's Representative: Include when the buyer is a company or wants to nominate specific representatives for communications

4. Special Requirements: Add when the buyer has specific property requirements or search criteria

5. Dispute Resolution: Include detailed dispute resolution procedures when dealing with high-value transactions or sophisticated clients

6. Assignment: Include when either party may need to transfer their rights or obligations under the agreement

Suggested Schedules

1. Schedule 1 - Services Description: Detailed breakdown of all services to be provided by the broker

2. Schedule 2 - Fee Structure: Comprehensive breakdown of fees, commission rates, and payment terms

3. Schedule 3 - Buyer's Requirements: Specific details of the type of property the buyer is seeking

4. Appendix A - Agency Disclosure: Required statutory disclosures under relevant real estate laws

5. Appendix B - Privacy Policy: Details of how personal information will be collected, used, and protected

6. Appendix C - Broker's Credentials: Broker's licenses, certifications, and professional memberships

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Investment Property

Property Management

Professional Services

Legal Services

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Business Development

Contract Administration

Risk Management

Operations

Client Services

Relevant Roles

Real Estate Agent

Buyer's Agent

Property Broker

Real Estate Broker

Property Consultant

Legal Counsel

Contracts Manager

Compliance Officer

Property Manager

Real Estate Director

Business Development Manager

Transaction Coordinator

Industries
Property and Stock Agents Act 2002: Regulates real estate agents and brokers in Australia, setting out their duties, obligations, and required disclosures to clients
Australian Consumer Law (Schedule 2 of the Competition and Consumer Act 2010): Provides consumer protections and sets out unfair contract terms, misleading conduct provisions, and consumer guarantees
Competition and Consumer Act 2010: Governs business conduct and competition law, relevant for non-exclusive arrangement terms
Privacy Act 1988: Regulates the handling of personal information by businesses and requires privacy protection measures
Anti-Money Laundering and Counter-Terrorism Financing Act 2006: Requires customer due diligence and reporting of suspicious transactions in property dealings
Electronic Transactions Act 1999: Enables and regulates electronic transactions and signatures if the agreement is to be executed electronically
Real Property Act 1900: Governs real property transactions and the Torrens Title system in Australia
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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