Buyer Broker Contract Template for Malaysia

The Buyer Broker Contract is a crucial document used in Malaysian real estate transactions when a buyer seeks professional representation in their property search and acquisition process. This agreement is particularly important in the Malaysian market where property transactions are governed by specific regulatory requirements under the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 and related legislation. The contract defines the exclusive or non-exclusive nature of the relationship, outlines the broker's duties in property search and negotiation, specifies commission structures, and includes necessary compliance elements for Malaysian real estate transactions. It protects both parties by clearly defining roles, responsibilities, and compensation terms while ensuring adherence to local real estate practices and regulations.

1. Parties: Identification of the buyer and the broker, including full legal names, registration numbers (for brokers), and contact details

2. Background: Context of the agreement, including the buyer's intention to engage the broker for property search services

3. Definitions: Key terms used throughout the agreement, including 'Property Requirements', 'Commission', 'Exclusive Period', etc.

4. Appointment and Scope of Services: Formal appointment of the broker and detailed description of services to be provided

5. Term and Exclusivity: Duration of the agreement and whether the arrangement is exclusive or non-exclusive

6. Broker's Obligations: Detailed responsibilities of the broker, including property search, negotiations, and professional conduct requirements

7. Client's Obligations: Buyer's responsibilities, including providing accurate requirements, cooperating with the broker, and maintaining confidentiality

8. Commission Structure: Details of broker's fees, payment terms, and conditions for commission eligibility

9. Confidentiality: Obligations regarding confidential information shared during the engagement

10. Termination: Conditions and process for ending the agreement, including notice requirements

11. General Provisions: Standard legal clauses including governing law, notices, and entire agreement provisions