The Buyer's Agent Agreement is a crucial document used in Hong Kong real estate transactions when a potential property buyer seeks professional representation in their property search and acquisition process. This agreement is essential for establishing clear terms of engagement between the buyer and their chosen licensed estate agent, ensuring compliance with Hong Kong's Estate Agents Ordinance and related regulations. The document typically includes detailed specifications of the agent's services, commission structures, the buyer's requirements, and mutual obligations. It serves as a legal foundation for the agency relationship, protecting both parties' interests and setting clear expectations for the property search and acquisition process. The agreement can be either exclusive or non-exclusive, depending on the parties' preferences and negotiated terms.
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1. Parties: Identification of the buyer (principal) and the licensed estate agent (agent), including license numbers and contact details
2. Background: Context of the agreement, including the buyer's intention to purchase property and appointment of the agent
3. Definitions: Key terms used throughout the agreement, including 'Property Requirements', 'Agency Period', 'Commission', etc.
4. Appointment and Term: Formal appointment of the agent, specification of whether exclusive or non-exclusive, and duration of the agreement
5. Agent's Services: Detailed description of services to be provided by the agent, including property search, viewings, negotiations, etc.
6. Agent's Obligations: Key duties and responsibilities of the agent, including compliance with regulations, disclosure requirements, and professional conduct
7. Client's Obligations: Buyer's responsibilities, including providing accurate requirements, cooperating with the agent, and payment obligations
8. Commission Structure: Details of the agent's commission, calculation method, and payment terms
9. Confidentiality: Obligations regarding confidential information and personal data protection
10. Termination: Conditions and procedures for terminating the agreement
11. General Provisions: Standard clauses including governing law, notices, entire agreement, and amendments
1. Exclusive Agency Terms: Additional terms that apply if the agreement is exclusive, including specific obligations and restrictions
2. International Property Services: Additional provisions for overseas property search and purchase assistance
3. Additional Services: Optional extra services such as property inspection coordination, legal liaison, or mortgage arrangement assistance
4. Dispute Resolution: Specific procedures for handling disputes, including mediation or arbitration provisions
5. Force Majeure: Provisions for unforeseen circumstances that may affect the performance of the agreement
1. Schedule 1: Property Requirements: Detailed specifications of the buyer's property requirements, including location, size, budget, and other preferences
2. Schedule 2: Commission Schedule: Detailed breakdown of commission structures, including any tiered rates or special circumstances
3. Schedule 3: Service Scope: Comprehensive list of included and excluded services
4. Appendix A: Agent's License Details: Copy of the agent's license and professional credentials
5. Appendix B: Client Information Form: Standard form collecting client's personal information and requirements as per Estate Agents Ordinance
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Financial Services
Property Investment
Professional Services
Residential Property
Commercial Property
Relevant Teams
Real Estate
Legal
Compliance
Operations
Business Development
Property Acquisitions
Contract Administration
Risk Management
Property Services
Client Relations
Relevant Roles
Real Estate Agent
Property Consultant
Estate Agency Manager
Compliance Officer
Legal Counsel
Property Acquisition Manager
Business Development Manager
Contract Administrator
Real Estate Director
Operations Manager
Property Investment Advisor
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