Termination Of Buyer Agency Agreement Form Template for South Africa

The Termination Of Buyer Agency Agreement Form is a crucial document in South African real estate practice, used when either party wishes to end their professional relationship before or after the completion of the original agreement's term. This document becomes necessary when a buyer and their estate agent mutually agree to end their relationship, or when one party exercises their right to terminate under the original agreement's terms. It must comply with the Property Practitioners Act 22 of 2019, the Consumer Protection Act, and other relevant South African legislation. The form includes essential details such as party information, termination date, settlement of outstanding matters, and handling of confidential information. It serves as a formal record of the termination and helps prevent future disputes by clearly documenting the end of the agency relationship.

1. Parties: Full identification of both the buyer/client and the estate agent/agency, including their registered addresses and contact details

2. Background: Reference to the original Buyer Agency Agreement, including its date of execution and any relevant reference numbers

3. Definitions: Key terms used in the termination agreement, including references to the original agreement terms

4. Termination Declaration: Clear statement of the mutual agreement to terminate the agency relationship, or unilateral termination notice as applicable

5. Effective Date: Specific date when the termination becomes effective

6. Settlement of Accounts: Statement regarding any outstanding fees, commissions, or reimbursements due to either party

7. Release of Obligations: Mutual release from future obligations under the original agreement, subject to any surviving terms

8. Confidentiality: Confirmation that confidentiality obligations survive the termination

9. Return of Documents: Requirements for the return or destruction of any confidential information or property

10. Signatures: Space for dated signatures of all parties and witnesses