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Co Broker Agreement

Co Broker Agreement Template for Malaysia

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Key Requirements PROMPT example:

Co Broker Agreement

"I need a Co Broker Agreement for my Malaysian real estate agency to collaborate with a local partner on residential properties in Kuala Lumpur, with a standard 50-50 commission split and basic confidentiality provisions."

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Document background
The Co Broker Agreement serves as a crucial document for real estate agencies in Malaysia seeking to formalize their collaboration on property transactions. This agreement becomes necessary when two licensed agencies wish to work together to facilitate property sales, purchases, or leases while sharing commissions and responsibilities. It ensures compliance with Malaysian real estate regulations, particularly the Valuers, Appraisers, Estate Agents and Property Managers Act 1981, while protecting both parties' interests. The document typically covers commission splits, transaction procedures, confidentiality obligations, and dispute resolution mechanisms, providing a clear framework for professional cooperation in the Malaysian real estate market.
Suggested Sections

1. Parties: Identification of both brokerage firms, including their registration numbers, BOVAEA licenses, and authorized representatives

2. Background: Context of the agreement, stating the parties' intentions to cooperate in real estate transactions

3. Definitions: Key terms used throughout the agreement, including 'Co-Broker Transaction', 'Commission', 'Lead Broker', 'Cooperating Broker', etc.

4. Scope of Agreement: Details of the cooperation arrangement and types of properties/transactions covered

5. Term and Termination: Duration of the agreement and conditions for termination

6. Commission Structure: Detailed breakdown of commission sharing arrangements and payment terms

7. Roles and Responsibilities: Specific duties and obligations of each broker in co-broker transactions

8. Confidentiality: Provisions regarding handling of confidential information and client data

9. Professional Standards: Commitment to maintain professional standards and comply with BOVAEA requirements

10. Dispute Resolution: Process for resolving disagreements between the parties

11. Governing Law: Specification of Malaysian law as governing law and jurisdiction

Optional Sections

1. Exclusivity: Optional provisions regarding exclusive/non-exclusive cooperation arrangements

2. Marketing and Branding: Guidelines for joint marketing efforts and brand usage, if applicable

3. Insurance Requirements: Specific insurance obligations beyond statutory requirements

4. Training and Support: Provisions for mutual training and support programs

5. International Transactions: Special provisions for handling international property transactions

6. Digital Platform Usage: Terms for using shared digital platforms or property portals

7. Force Majeure: Provisions for unforeseen circumstances affecting the agreement

Suggested Schedules

1. Commission Split Schedule: Detailed breakdown of commission splits for different property types and transaction values

2. Required Documentation: List of required documents and forms for co-broker transactions

3. Operating Procedures: Step-by-step procedures for handling co-broker transactions

4. Contact Information: Key personnel and contact details for both brokerages

5. Compliance Checklist: Checklist of regulatory requirements and compliance procedures

6. Territory Map: If applicable, geographical areas covered by the agreement

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

Residential Real Estate

Commercial Real Estate

Industrial Real Estate

Retail Real Estate

Hospitality Real Estate

Land Development

Property Management

Real Estate Investment

Relevant Teams

Legal

Compliance

Real Estate Operations

Business Development

Property Sales

Agency Relations

Executive Management

Risk Management

Finance

Relevant Roles

Real Estate Agency Director

Managing Director

Chief Executive Officer

Real Estate Broker

Licensed Estate Agent

Real Estate Agency Manager

Compliance Officer

Legal Counsel

Business Development Manager

Operations Manager

Senior Property Consultant

Agency Partnership Manager

Industries
Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242): The primary legislation governing real estate brokers and agents in Malaysia, establishing requirements for licensing, professional conduct, and operational guidelines
Rules of the Board of Valuers, Appraisers and Estate Agents 1983: Supplementary rules detailing specific requirements for real estate professionals, including rules about cooperation between agents and commission sharing
Contracts Act 1950: Fundamental law governing contract formation, validity, and enforcement in Malaysia, essential for structuring the co-broking relationship
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: Regulations regarding financial transactions and due diligence requirements in real estate dealings
Personal Data Protection Act 2010: Legislation governing the collection, use, and sharing of personal data between co-brokers and their handling of client information
Estate Agency Practice Code of Ethics: Professional standards and ethical guidelines established by the Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA)
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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