Co Broker Agreement (Real Estate) Template for New Zealand

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Key Requirements PROMPT example:

Co Broker Agreement (Real Estate)

"I need a Co Broker Agreement (Real Estate) for my Auckland-based agency to partner with a Wellington agency starting March 2025, with a focus on residential properties and a 60-40 commission split in favor of the listing agency."

Document background
The Co Broker Agreement (Real Estate) is essential for real estate agencies in New Zealand seeking to formalize collaborative arrangements in property transactions. This document is typically used when two licensed real estate agencies wish to work together on property sales, sharing responsibilities and commissions while maintaining compliance with New Zealand's regulatory framework. The agreement addresses key aspects such as commission splitting, territorial rights, professional conduct requirements, and compliance with the Real Estate Agents Act 2008 and associated regulations. It provides clarity on roles, responsibilities, and financial arrangements while ensuring both parties maintain professional standards and meet their obligations under New Zealand law. This type of agreement is particularly valuable in situations involving cross-regional properties, specialized market segments, or when agencies want to leverage each other's expertise and resources.
Suggested Sections

1. Parties: Identification of both real estate agencies/brokers entering into the agreement, including license numbers and business details

2. Background: Context of the agreement and purpose of the co-broking arrangement

3. Definitions: Key terms used throughout the agreement including 'Commission', 'Properties', 'Territory', 'Confidential Information'

4. Scope of Agreement: Details of the co-broking arrangement, including territory coverage and types of properties

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

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

7. Duties and Responsibilities: Specific obligations of each party in the co-broking relationship

8. Professional Standards: Compliance requirements with REAA rules and professional conduct standards

9. Confidentiality: Protection and handling of confidential information between parties

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

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

Optional Sections

1. Exclusive Territory Rights: Used when parties agree to exclusive geographic or property-type territories

2. Marketing and Advertising: Include when specific arrangements for shared marketing efforts and costs are needed

3. Training and Support: When one broker provides training or systems support to the other

4. International Transactions: Include for agreements involving international property transactions

5. Data Protection: Detailed section on data handling when significant customer data sharing is involved

6. Anti-Money Laundering Compliance: Detailed AML procedures when dealing with high-risk transactions or international clients

7. Special Property Types: Include when dealing with specific property categories like commercial, industrial, or luxury properties

Suggested Schedules

1. Commission Schedule: Detailed breakdown of commission rates and splitting arrangements for different property types/values

2. Territory Map: Geographic boundaries of the co-broking arrangement if territory-based

3. Required Documentation: List of standard forms and documents to be used in co-broking transactions

4. Contact Details: Key personnel and contact information for both agencies

5. Professional Credentials: Copies of relevant licenses and professional certifications

6. Marketing Guidelines: Agreed standards for joint marketing and branding

7. Compliance Checklist: Standard operating procedures for ensuring regulatory compliance in co-broked transactions

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 Industries

Residential Real Estate

Commercial Real Estate

Industrial Real Estate

Luxury Real Estate

Property Management

Real Estate Services

Professional Services

Relevant Teams

Legal

Compliance

Sales

Operations

Property Management

Business Development

Administration

Executive Leadership

Risk Management

Contract Management

Relevant Roles

Real Estate Agency Principal

Licensed Real Estate Agent

Real Estate Branch Manager

Property Manager

Sales Director

Business Development Manager

Compliance Officer

Real Estate Operations Manager

Contract Administrator

Legal Counsel

Managing Director

Chief Executive Officer

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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