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Cooperating Broker Commission Agreement

Cooperating Broker Commission Agreement Template for Pakistan

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Key Requirements PROMPT example:

Cooperating Broker Commission Agreement

"I need a Cooperating Broker Commission Agreement for my Lahore-based real estate agency to partner with a Dubai broker, focusing on luxury residential properties with a 60-40 commission split and specific Islamic finance compliance requirements."

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Document background
The Cooperating Broker Commission Agreement is essential for real estate professionals in Pakistan seeking to formalize their collaborative business relationships. This document becomes necessary when two or more licensed real estate brokers or agencies wish to work together on property transactions, share leads, or extend their market reach. It specifically addresses the Pakistani real estate market's unique characteristics and complies with local regulations, including the Real Estate Agents and Motor Vehicles Ordinance 1984 and the Contract Act 1872. The agreement typically includes detailed provisions for commission splitting, territorial rights, client handling procedures, and conflict resolution mechanisms, making it a crucial tool for professional real estate cooperation in Pakistan.
Suggested Sections

1. Parties: Identification of the cooperating brokers, including their full legal names, license numbers, and business addresses

2. Background: Context of the agreement, including the purpose of cooperation and general business objectives

3. Definitions: Key terms used throughout the agreement, including 'Commission', 'Qualified Leads', 'Territory', and 'Exclusive Listings'

4. Scope of Cooperation: Detailed description of how the brokers will work together, including territory definitions and types of properties covered

5. Commission Structure: Breakdown of commission splits, calculation methods, and timing of payments

6. Responsibilities and Obligations: Specific duties of each broker, including lead sharing, client communication, and documentation requirements

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

8. Confidentiality: Protection of shared business information and client data

9. Dispute Resolution: Process for resolving disagreements, including mediation and arbitration procedures

10. Governing Law: Specification of Pakistani law as governing law and relevant jurisdiction

11. General Provisions: Standard clauses including notices, amendments, and severability

Optional Sections

1. International Transactions: Include when cooperation involves cross-border real estate transactions

2. Digital Marketing Cooperation: Include when brokers will jointly market properties through digital platforms

3. Exclusive Territories: Include when defining exclusive geographic areas for each broker

4. Training and Support: Include when one broker will provide training or systems support to the other

5. Islamic Finance Compliance: Include when transactions must comply with Islamic banking principles

6. Data Protection: Include when handling significant personal data requiring specific privacy measures

7. Referral Program: Include when establishing a formal referral system between brokers

Suggested Schedules

1. Schedule A - Commission Rates: Detailed breakdown of commission percentages for different property types and transaction values

2. Schedule B - Territory Map: Geographic boundaries of each broker's operating area

3. Schedule C - Required Documentation: List of documents required for commission claims and transaction processing

4. Schedule D - Contact Information: Key personnel and emergency contacts for both brokers

5. Appendix 1 - Standard Operating Procedures: Detailed procedures for lead sharing, communication, and transaction handling

6. Appendix 2 - Marketing Guidelines: Standards for joint marketing efforts and brand usage

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
Applicable Law
Authorized Representative
Business Day
Client
Commission
Commission Split
Confidential Information
Cooperating Broker
Effective Date
Exclusive Listing
Force Majeure
Intellectual Property
Lead
Licensed Activities
Net Commission
Non-Exclusive Listing
Notice
Operating Territory
Party/Parties
Primary Broker
Property
Qualified Lead
Real Estate Services
Referral
Referral Fee
Registration Authority
Related Party
Sale Price
Services
Term
Territory
Transaction
Working Hours
Clauses
Definitions
Scope of Agreement
Term and Duration
Territory
Commission Structure
Payment Terms
Broker Responsibilities
Lead Sharing
Exclusivity
Representations and Warranties
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Data Protection
Record Keeping
Compliance
Force Majeure
Termination
Assignment
Notices
Dispute Resolution
Governing Law
Severability
Entire Agreement
Amendment
Waiver
Indemnification
Insurance
Authority and Capacity
Relationship of Parties
Anti-Money Laundering
Marketing and Branding
Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Industrial Property

Retail Property

Property Management

Real Estate Investment

Construction

Relevant Teams

Legal

Real Estate Operations

Sales

Business Development

Compliance

Finance

Contracts Administration

Property Management

Partnership Management

Relevant Roles

Real Estate Broker

Property Agent

Real Estate Agency Owner

Business Development Manager

Sales Director

Commission Manager

Compliance Officer

Real Estate Partnership Manager

Territory Manager

Operations Director

Legal Counsel

Contract Administrator

Industries
Contract Act 1872: The fundamental law governing contract formation, validity, and enforcement in Pakistan. It defines essential elements of valid contracts, including offer, acceptance, consideration, and capacity of parties.
Partnership Act 1932: Governs business partnerships and cooperation agreements between parties. Relevant for defining the relationship between cooperating brokers and their mutual obligations.
Real Estate Agents and Motor Vehicles Ordinance 1984: Regulates real estate agents and brokers in Pakistan, including licensing requirements and professional conduct standards.
Income Tax Ordinance 2001: Governs taxation of commission income and business partnerships. Relevant for determining tax obligations on commission splits and reporting requirements.
Registration Act 1908: Deals with registration of documents relating to property transactions, which may be relevant when the broker agreement involves property documentation.
Stamp Act 1899: Requires certain legal documents to be properly stamped. Relevant for ensuring the broker agreement meets formal legal requirements.
Prevention of Money Laundering Act 2010: Relevant for ensuring compliance with anti-money laundering regulations in real estate transactions and commission payments.
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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