Buyer Agent Commission Agreement Template for Malaysia

In the Malaysian real estate market, a Buyer Agent Commission Agreement is essential when engaging a professional agent to assist in property acquisition. This document is commonly used when a buyer seeks professional representation in finding and purchasing property, whether for residential or commercial purposes. The agreement ensures compliance with Malaysian real estate regulations, particularly the Valuers, Appraisers, Estate Agents and Property Managers Act 1981, while protecting the interests of both the agent and the buyer. It outlines critical elements such as commission rates, payment terms, scope of services, and the duration of the agency relationship, providing a clear framework for the professional engagement.

1. Parties: Identifies the buyer's agent and the buyer (client), including full legal names, registration numbers for agents, and contact details

2. Background: Explains the context of the agreement - that the buyer wishes to engage the agent to assist in property purchase and the agent's qualifications to provide such services

3. Definitions: Defines key terms used throughout the agreement including 'Commission', 'Property', 'Purchase Price', 'Exclusive Period' etc.

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

5. Duration of Agreement: Specifies the term of the agreement, including start date and duration

6. Commission Structure: Details the commission rate, calculation method, and conditions for commission payment

7. Payment Terms: Specifies when and how the commission will be paid, including any deposit requirements

8. Agent's Obligations: Lists all duties and responsibilities of the agent, including compliance with relevant laws

9. Client's Obligations: Outlines the buyer's responsibilities and commitments under the agreement

10. Confidentiality: Addresses the handling of confidential information shared during the engagement

11. Termination: States conditions under which either party may terminate the agreement and the consequences

12. Governing Law: Specifies that Malaysian law governs the agreement

13. Dispute Resolution: Outlines the process for resolving any disputes between parties