The For Sale By Owner Commission Agreement is essential in Hong Kong's real estate market when property owners engage licensed estate agents to sell their properties. This document is used to formalize the relationship between the property owner and the estate agent, establishing clear terms for commission payment, services to be provided, and mutual obligations. It must align with Hong Kong's Estate Agents Ordinance (Cap. 511) and related regulations, which set specific requirements for such agreements. The document typically includes detailed property information, commission rates, payment terms, marketing commitments, and protection periods. It's particularly important in Hong Kong's dynamic property market where clear documentation of agency relationships and commission structures is crucial for avoiding disputes and ensuring compliance with local regulations. The agreement can be either exclusive or non-exclusive, depending on whether the owner wishes to engage multiple agents.
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1. Parties: Identification of the property owner (the Principal) and the licensed estate agent, including their full names, addresses, and relevant license numbers
2. Background: Brief context of the agreement, including the owner's intention to sell the property and engage the estate agent
3. Definitions: Key terms used in the agreement, including 'Property', 'Commission', 'Exclusive Period' (if applicable), and 'Completion'
4. Appointment: Terms of the agent's appointment, whether exclusive or non-exclusive, and the duration of the appointment
5. Property Details: Detailed description of the property being sold, including address, lot number, and registered details
6. Listing Price: The agreed listing price or price range for the property
7. Commission Structure: Details of the commission rate, calculation method, and payment terms
8. Agent's Duties and Obligations: Specific services to be provided by the agent, including marketing activities and showing the property
9. Owner's Obligations: Owner's responsibilities, including providing accurate information and reasonable access to the property
10. Payment Terms: When and how commission payments will be made, including any conditions precedent
11. Termination: Circumstances under which the agreement can be terminated by either party
12. Governing Law: Specification that the agreement is governed by Hong Kong law
13. Signatures: Execution block for all parties to sign and date the agreement
1. Protection Period: Defines a period after agreement termination during which commission may still be payable - used in exclusive agency agreements
2. Multiple Agents: Provisions for cases where the owner engages multiple agents - used in non-exclusive agreements
3. Special Conditions: Any unique terms or conditions specific to the property or arrangement
4. Dispute Resolution: Specific procedures for handling disputes - recommended for high-value properties
5. Sub-agency Provisions: Terms governing the appointment of sub-agents - used when sub-agents may be involved
6. Marketing Budget: Detailed marketing commitments and budget allocation - used for high-end properties or when specific marketing is required
7. Early Termination Fee: Provisions for compensation if the agreement is terminated early - used in exclusive agreements
1. Schedule 1 - Property Details: Comprehensive property information including lot number, floor area, facilities, and any encumbrances
2. Schedule 2 - Commission Calculation Examples: Examples showing how commission will be calculated in different scenarios
3. Schedule 3 - Marketing Plan: Detailed marketing activities and timeline
4. Appendix A - Property Photos and Floor Plan: Current photographs of the property and floor plan
5. Appendix B - Required Documents: List of documents required from the owner for marketing and sale
6. Appendix C - Agent's License and Credentials: Copies of the agent's license and relevant certifications
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