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Buyers Representation Agreement

Buyers Representation Agreement Template for Pakistan

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Key Requirements PROMPT example:

Buyers Representation Agreement

"I need a Buyer's Representation Agreement for a commercial property search in Lahore, Pakistan, with an exclusive 6-month term starting January 2025, including specific provisions for multiple viewing requirements and a sliding scale commission structure based on final purchase price."

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Document background
The Buyer's Representation Agreement is a crucial document in Pakistani real estate transactions that formalizes the professional relationship between a property buyer and their chosen real estate agent. This agreement becomes necessary when a buyer seeks professional assistance in identifying, evaluating, and acquiring property in Pakistan. It provides legal protection for both parties by clearly defining the scope of services, compensation structure, and duration of representation. The document must comply with Pakistani contract law, including the Contract Act 1872 and relevant real estate regulations. It is particularly important in markets where multiple agents may be operating, as it establishes exclusive representation rights and helps prevent commission disputes. The agreement typically includes property requirements, commission structures, and specific provisions that may be required under local law or Islamic finance principles.
Suggested Sections

1. Parties: Identification of the buyer and the real estate agent/agency, including full legal names, addresses, and contact information

2. Background: Context of the agreement, including the buyer's intention to purchase property and the agent's qualifications and licenses

3. Definitions: Key terms used throughout the agreement, including 'Property Requirements', 'Services', 'Commission', and other relevant terms

4. Appointment and Authority: Formal appointment of the agent and scope of authority granted by the buyer

5. Agent's Services and Obligations: Detailed description of services to be provided by the agent, including property search, negotiations, and advisory services

6. Buyer's Obligations: Buyer's responsibilities, including providing accurate information, cooperation, and exclusive representation terms

7. Commission Structure: Details of agent's compensation, payment terms, and conditions for commission becoming due

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

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

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

11. Governing Law and Jurisdiction: Specification of Pakistani law as governing law and relevant jurisdiction for disputes

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Multiple Buyers: Additional provisions when there are multiple buyers acting jointly

2. International Transactions: Special provisions for international buyers or cross-border transactions

3. Islamic Finance Compliance: Specific provisions ensuring compliance with Islamic finance principles

4. Property Type Specific Clauses: Special provisions for specific types of properties (commercial, industrial, agricultural)

5. Force Majeure: Provisions for unforeseen circumstances preventing performance

6. Digital Communications: Provisions for electronic communications and virtual property viewings

7. Dispute Resolution: Alternative dispute resolution mechanisms such as mediation or arbitration

Suggested Schedules

1. Schedule A - Property Requirements: Detailed specifications of the type of property the buyer is seeking, including location, size, budget, and other requirements

2. Schedule B - Commission Structure: Detailed breakdown of commission calculations, including any sliding scales or special circumstances

3. Schedule C - Excluded Properties: List of properties already known to the buyer or excluded from the agreement

4. Schedule D - Required Documents: List of documents required from the buyer for property transactions

5. Appendix 1 - Agent's License: Copy of agent's current real estate license and registrations

6. Appendix 2 - Service Level Agreement: Detailed breakdown of service standards and response times

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 legal definitions
Agreement
Agent
Appointment Period
Authorized Representative
Broker
Business Day
Buyer
Commission
Completion
Confidential Information
Designated Property
Effective Date
Exclusive Period
Force Majeure Event
Intellectual Property Rights
Market Value
Offer
Party/Parties
Property
Property Requirements
Purchase Price
Real Estate Services
Registration Authority
Related Persons
Representation Period
Sale Agreement
Services
Stamp Duty
Target Property
Territory
Transaction
Transfer Deed
Viewing Schedule
Relevant Industries

Real Estate

Residential Property

Commercial Property

Industrial Property

Retail Property

Agricultural Property

Property Development

Property Investment

Construction

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Acquisitions

Investment

Contract Administration

Risk Management

Finance

Relevant Roles

Real Estate Agent

Property Consultant

Real Estate Broker

Legal Counsel

Property Manager

Real Estate Investment Manager

Acquisition Manager

Real Estate Director

Property Investment Advisor

Compliance Officer

Contract Manager

Real Estate Portfolio Manager

Industries
Contract Act 1872: The fundamental law governing contract formation and enforcement in Pakistan, defining essential elements of valid contracts, including offer, acceptance, consideration, and capacity to contract
Transfer of Property Act 1882: Governs the transfer of property rights and real estate transactions in Pakistan, including rules about property sales, transfers, and legal requirements for property dealings
Registration Act 1908: Specifies requirements for registration of documents relating to property transactions and maintains records of property dealings
Specific Relief Act 1877: Provides remedies in case of breach of contract and specific performance of contractual obligations in real estate transactions
Real Estate Agents and Motor Vehicles Ordinance 1984: Regulates real estate agents' activities and establishes requirements for their licensing and operations in Pakistan
Stamp Act 1899: Governs the stamp duty requirements for various legal documents including property-related agreements and contracts
Islamic Law (Shariah) Principles: Relevant Islamic commercial law principles that may affect contract formation and execution, particularly regarding interest (riba) and uncertainty (gharar) in transactions
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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