Agency Agreement For Sale Of Residential Property Template for India

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Key Requirements PROMPT example:

Agency Agreement For Sale Of Residential Property

"I need an Agency Agreement for Sale of Residential Property for my luxury apartment in Mumbai, with exclusive agency rights, international marketing provisions, and a 3% commission structure, to be effective from March 1, 2025."

Document background

The Agency Agreement For Sale Of Residential Property is a crucial document in Indian real estate transactions, designed to formalize the relationship between property owners and real estate agents. This agreement becomes necessary when a property owner wishes to engage a professional agent to market and sell their residential property. It must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA), the Indian Contract Act, 1872, and other relevant Indian legislation. The document typically includes detailed provisions for agent responsibilities, commission structures, marketing strategies, and property representation terms. It's particularly important in India's regulated real estate market where clear documentation of agency relationships is required for legal compliance and protection of all parties' interests.

Suggested Sections

1. Parties: Identifies the property owner (Principal) and the real estate agent (Agent), including their full legal names, addresses, and registration details

2. Background: Describes the context of the agreement, including brief property details and the Principal's intention to sell through the Agent

3. Definitions: Defines key terms used throughout the agreement including Property, Services, Commission, Exclusive Agency Period, etc.

4. Appointment and Scope: Details the appointment of the Agent, whether exclusive or non-exclusive, and the specific services to be provided

5. Agent's Obligations: Lists all duties and responsibilities of the Agent including marketing, showing property, negotiating, reporting, etc.

6. Principal's Obligations: Outlines the property owner's responsibilities including providing accurate information, access to property, and cooperation

7. Commission and Fees: Specifies the commission structure, payment terms, and any additional fees or expenses

8. Term and Termination: States the duration of the agreement and conditions for termination by either party

9. Compliance and Representations: Includes RERA compliance statements and other regulatory requirements

10. Liability and Indemnity: Addresses liability limitations and indemnification provisions

11. General Provisions: Standard clauses including notices, governing law, dispute resolution, etc.

Optional Sections

1. Digital Marketing Services: Detailed provisions for online marketing when the agent provides extensive digital marketing services

2. International Marketing: Additional provisions for marketing to international buyers, including overseas advertising and currency considerations

3. Property Management: Added when the agent will manage the property until sale, including maintenance and tenant coordination

4. Dual Agency: Required when the agent may represent both seller and buyer

5. Sub-Agency: Provisions for allowing or restricting the agent's ability to appoint sub-agents

6. Virtual Tours and Photography: Specific terms regarding virtual tour services and professional photography rights

7. Force Majeure: Detailed provisions for unforeseen circumstances affecting performance

Suggested Schedules

1. Property Details: Comprehensive description of the property including address, boundaries, registration details, and amenities

2. Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment schedules

3. Marketing Plan: Specific marketing activities and timeline proposed by the agent

4. Agent's RERA Registration: Copy of agent's RERA registration and other relevant licenses

5. Property Documents: List of property documents provided by the owner to the agent

6. Service Level Agreement: Detailed performance metrics and service standards

7. Fee Schedule: Breakdown of all additional fees and charges beyond the basic commission

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Residential Property

Property Development

Real Estate Brokerage

Property Management

Legal Services

Construction

Relevant Teams

Legal

Compliance

Real Estate Sales

Business Development

Property Management

Contract Administration

Risk Management

Operations

Relevant Roles

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Real Estate Broker

Sales Manager

Business Development Manager

Property Developer

Contract Administrator

Real Estate Partner

Property Consultant

RERA Compliance Manager

Find the exact document you need

Limited Agency Agreement (Real Estate)

An Indian law-compliant agreement establishing a limited agency relationship between a property owner and real estate agent, governed by RERA and contract law.

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Let's create your Agency Agreement For Sale Of Residential Property

Authors

Alex Denne

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