Buyer Agency Agreement Template for Singapore

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Key Requirements PROMPT example:

Buyer Agency Agreement

"I need a Buyer Agency Agreement for a Singapore-based foreign investor client looking to purchase luxury residential properties with a budget of $5M+, requiring exclusive representation for a 6-month period starting January 2025."

Document background
The Buyer Agency Agreement is a crucial document in Singapore's real estate transactions, designed to protect both buyers and agents in property purchases. This agreement establishes the formal relationship between a property buyer and their chosen real estate agent, defining the agent's authority to act on the buyer's behalf. It must comply with Singapore's Estate Agents Act and CEA guidelines, including mandatory terms and conditions. The document typically covers commission structures, service scope, exclusivity terms (if applicable), and the duration of representation. It's particularly important in Singapore's competitive property market where clear representation terms are essential for successful transactions.
Suggested Sections

1. Parties: Identification of the buyer and the agent/agency

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

3. Definitions: Key terms used throughout the agreement

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

5. Duration: Term of the agreement including start and end dates

6. Agent's Obligations: Duties and responsibilities of the agent

7. Client's Obligations: Duties and responsibilities of the buyer

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

9. Termination: Conditions and process for ending the agreement

Optional Sections

1. Exclusivity Clause: Used when the agreement is exclusive, preventing client from engaging other agents

2. Property Requirements: Specific criteria for properties the buyer is seeking

3. International Considerations: Special terms for foreign buyers and compliance with Residential Property Act requirements

Suggested Schedules

1. Commission Schedule: Detailed breakdown of commission structure and calculations

2. Property Requirements Schedule: Detailed list of buyer's property requirements and preferences

3. Agent's Credentials: Copy of agent's license and professional certifications

4. CEA Prescribed Forms: Standard forms required by Council for Estate Agencies

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

Industries

Estate Agents Act 2010 (Chapter 95A): Primary legislation that regulates real estate agencies and agents in Singapore, establishes the Council for Estate Agencies (CEA), and sets out the fundamental duties and responsibilities of property agents

Estate Agents (Estate Agency Work) Regulations 2010: Subsidiary legislation that prescribes mandatory terms for agency agreements and details specific requirements for conducting estate agency work

CEA Practice Guidelines: Professional service manual, Code of Ethics and Professional Client Care, and Practice Guidelines on Exclusive Estate Agency Agreements issued by the Council for Estate Agencies

Consumer Protection (Fair Trading) Act: Legislation that protects consumers against unfair practices and regulates how agents must deal with clients in real estate transactions

Personal Data Protection Act 2012: Law governing the collection, use, and disclosure of personal data, affecting how client information must be handled in real estate transactions

Singapore Contract Law: Common law principles governing formation of contracts, terms and conditions, and rights and obligations of parties in contractual relationships

Residential Property Act: Legislation governing restrictions on foreign ownership of residential property in Singapore, particularly relevant when dealing with foreign buyers

Singapore Civil Law Act: Statute containing general provisions affecting contracts and specifying formalities required for certain types of 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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