Buyer Rep Agreement Template for India

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Key Requirements PROMPT example:

Buyer Rep Agreement

"I need a Buyer Rep Agreement for a high-net-worth individual client looking to purchase luxury residential properties in Mumbai, with exclusive representation rights and additional confidentiality provisions, to be effective from March 1, 2025."

Document background
The Buyer Representative Agreement is a crucial document in Indian real estate transactions that formalizes the relationship between a property buyer and their chosen real estate agent or agency. This agreement becomes necessary when a buyer seeks professional assistance in identifying, evaluating, and purchasing property, whether residential or commercial. The document must comply with the Real Estate (Regulation and Development) Act 2016 (RERA) and various state-specific regulations that govern real estate transactions in India. It typically includes detailed provisions about the scope of services, agent's obligations, buyer's responsibilities, compensation terms, and the duration of representation. The agreement protects both parties' interests by clearly defining the terms of engagement, confidentiality obligations, and the extent of the agent's authority to act on the buyer's behalf.
Suggested Sections

1. Parties: Identifies and provides details of the buyer (client) and the real estate agent/agency, including RERA registration numbers

2. Background: Explains the context of the agreement, including the buyer's intention to purchase property and the agent's qualifications and services

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Appointment and Scope of Services: Details the formal appointment of the agent and comprehensive list of services to be provided

5. Term and Termination: Specifies the duration of the agreement and conditions for termination by either party

6. Agent's Rights and Obligations: Lists the agent's duties, responsibilities, and rights under the agreement

7. Client's Rights and Obligations: Outlines the buyer's responsibilities, including providing accurate information and cooperation

8. Compensation: Details the fee structure, payment terms, and conditions for commission earning

9. Confidentiality: Establishes confidentiality obligations regarding shared information

10. Representations and Warranties: Contains statements of fact and promises made by both parties

11. Liability and Indemnification: Addresses the extent of agent's liability and mutual indemnification provisions

12. Governing Law and Jurisdiction: Specifies applicable law and courts for dispute resolution

13. Notices: Details how formal communications between parties should be made

14. General Provisions: Contains standard boilerplate clauses including force majeure, severability, and entire agreement

Optional Sections

1. Exclusive Right to Represent: Used when the agreement is exclusive, preventing the buyer from working with other agents

2. Property Search Criteria: Include when specific property requirements need to be documented in the main agreement rather than schedule

3. Digital Services: Include when the agent provides virtual tours, online platforms, or other digital services

4. International Property Services: Add for agreements involving potential international property purchases

5. Multiple Agency Disclosure: Include when the agent may represent other buyers looking for similar properties

6. Transaction Coordination Services: Add when agent provides additional transaction management services

7. Post-Closing Services: Include when agent offers services extending beyond the closing date

Suggested Schedules

1. Schedule A - Property Requirements: Detailed specifications of the type of property sought, including location, size, budget, and other preferences

2. Schedule B - Fee Structure: Detailed breakdown of all fees, commissions, and payment terms

3. Schedule C - Scope of Services: Comprehensive list of specific services included in the agreement

4. Schedule D - Agent Credentials: Copies of agent's RERA registration, professional certifications, and licenses

5. Appendix 1 - Required Documents: List of documents the buyer needs to provide for property transactions

6. Appendix 2 - Agency Disclosure Form: Standard form explaining the agency relationship and potential conflicts

7. Appendix 3 - Service Level Standards: Detailed performance standards and response time commitments

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Property Management

Financial Services

Professional Services

Construction

Legal Services

Consulting Services

Relevant Teams

Legal

Compliance

Real Estate

Business Development

Client Services

Risk Management

Operations

Contract Administration

Property Services

Transaction Support

Relevant Roles

Real Estate Agent

Property Consultant

Real Estate Broker

Legal Counsel

Compliance Officer

Contract Manager

Real Estate Manager

Business Development Manager

Property Advisor

Client Relationship Manager

Transaction Coordinator

Real Estate Director

Chief Legal Officer

Risk Manager

Industries
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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