Lease Commission Agreement Template for Pakistan

The Lease Commission Agreement is a crucial document in Pakistani real estate transactions, used when property owners engage real estate agents to secure tenants for their properties. This agreement type is essential for both commercial and residential properties, providing clear terms for commission payments and protecting the interests of both property owners and agents. The document must comply with Pakistani legal requirements, including the Contract Act 1872, Transfer of Property Act 1882, and relevant provincial real estate regulations. It typically includes detailed commission structures, payment triggers, agent responsibilities, and property specifications. The agreement is particularly important in Pakistan's growing real estate market, where formal documentation of commission arrangements helps prevent disputes and ensures transparency in property transactions.

1. Parties: Identification of the property owner/landlord and the real estate agent/broker, including their complete legal names, addresses, and any registration/license numbers

2. Background: Context of the agreement, including brief description of the property and the owner's intention to engage the agent for leasing services

3. Definitions: Key terms used throughout the agreement, including 'Property', 'Commission', 'Lease', 'Tenant', and 'Effective Date'

4. Appointment and Authority: Formal appointment of the agent and scope of authority granted to market the property and negotiate with potential tenants

5. Property Details: Comprehensive description of the property, including address, size, type, and any specific features or limitations

6. Commission Structure: Detailed breakdown of commission rates, calculation method, and timing of payments

7. Payment Terms: Specific conditions for commission payment, including payment schedule and method

8. Agent's Obligations: Detailed list of services to be provided by the agent, including marketing, showing property, and tenant screening

9. Owner's Obligations: Property owner's responsibilities, including providing access to the property and necessary documentation

10. Term and Termination: Duration of the agreement and conditions for termination by either party

11. Governing Law: Specification that Pakistani law governs the agreement and relevant jurisdictional details

12. Dispute Resolution: Process for resolving any disputes between parties, including mediation or arbitration procedures