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Broker Seller Agreement

Broker Seller Agreement Template for Singapore

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Key Requirements PROMPT example:

Broker Seller Agreement

"Need a Broker Seller Agreement for a portfolio of five commercial properties in Singapore's CBD area, with exclusive rights and a tiered commission structure based on property values ranging from $5M to $20M, to be effective from March 2025."

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Document background
The Broker Seller Agreement is essential for formalizing the relationship between property owners and real estate brokers in Singapore. It outlines the broker's authority to market and sell property, commission structures, and mutual obligations, while ensuring compliance with Singapore's Estate Agents Act 2010 and CEA regulations. This agreement is particularly important in Singapore's highly regulated real estate market, where clear documentation of responsibilities and commission arrangements is required for legal protection of both parties.
Suggested Sections

1. Parties: Identification and details of the broker and seller

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Appointment and Scope: Terms of broker appointment and services to be provided

5. Commission Structure: Details of fees, commission rates, and payment terms

6. Obligations of Broker: Duties and responsibilities of the broker

7. Obligations of Seller: Duties and responsibilities of the seller

8. Term and Termination: Duration of agreement and termination provisions

9. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Exclusivity: Terms of exclusive arrangement when broker is granted exclusive rights

2. Marketing Requirements: Specific marketing obligations and standards when detailed marketing requirements are needed

3. Insurance: Insurance requirements and coverage specifications when specific insurance requirements are needed

4. Force Majeure: Provisions for unforeseen circumstances and extraordinary events

Suggested Schedules

1. Commission Rate Schedule: Detailed breakdown of commission rates and calculation methods

2. Property Details: Specific information about properties covered by the agreement

3. Marketing Plan: Detailed marketing strategy and activities

4. Service Level Agreement: Specific performance metrics and service standards

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
Industries

Estate Agents Act 2010 (Cap. 95A): Primary legislation governing real estate agents and salespersons in Singapore, covering licensing requirements, professional obligations and conduct, and commission structures

Council for Estate Agencies (CEA) Regulations: Regulatory framework establishing professional service requirements, Code of Ethics and Professional Client Care, Practice Guidelines, and mandatory continuing professional development for real estate agents

Competition Act (Cap. 50B): Legislation governing fair competition provisions and anti-competitive practices in Singapore's business environment

Personal Data Protection Act 2012 (PDPA): Law regulating the handling of personal data, including consent requirements and data protection obligations for businesses operating in Singapore

Singapore Contract Law: Common law principles governing formation of contracts, terms and conditions, rights and obligations, and termination clauses under Singapore jurisdiction

Consumer Protection (Fair Trading) Act: Legislation protecting consumer interests through fair trading provisions and prevention of unfair practices in business transactions

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements including due diligence obligations and reporting requirements for business transactions

Sale of Goods Act: Legislation governing transactions involving goods, including terms and conditions of sale applicable to broker-seller relationships

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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