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The Buyer Agency Agreement is a crucial document in Indian real estate transactions that formalizes the relationship between a property buyer and their chosen real estate agent. This agreement becomes necessary when a buyer seeks professional assistance in finding and acquiring property, whether residential, commercial, or industrial. The document, governed by Indian law and complying with RERA regulations, protects both parties' interests by clearly defining the scope of services, commission structure, and legal obligations. It's particularly important in the Indian context where real estate transactions require careful navigation of legal requirements, market conditions, and documentation processes. The agreement should be executed before the agent begins providing services and typically remains valid until property acquisition is completed or the agreement term expires.

1. Parties: Identifies the buyer (principal) and the real estate agent (agent) with complete contact details and registration information

2. Background: Outlines the context of the agreement, including the buyer's intention to purchase property and the agent's qualifications and RERA registration details

3. Definitions: Defines key terms used throughout the agreement including 'Property Requirements', 'Services', 'Commission', and other relevant terms

4. Appointment and Scope of Services: Details the formal appointment of the agent and comprehensive list of services to be provided

5. Term and Termination: Specifies the duration of the agreement and conditions for termination by either party

6. Agent's Obligations: Lists all duties and responsibilities of the agent including property search, negotiations, and due diligence

7. Buyer's Obligations: Outlines the buyer's responsibilities including providing accurate requirements, cooperating with the agent, and making timely decisions

8. Commission Structure: Details the agent's compensation, including the commission rate, payment terms, and conditions for commission becoming due

9. Confidentiality: Specifies confidentiality obligations regarding the buyer's personal information and property search details

10. Representations and Warranties: Contains statements of fact and promises made by both parties

11. Limitation of Liability: Defines the extent and limitations of the agent's liability

12. Governing Law and Jurisdiction: Specifies that Indian law governs the agreement and designates the jurisdiction for dispute resolution

13. Notices: Specifies how formal communications between parties should be made and delivered

14. General Provisions: Includes standard clauses like severability, entire agreement, and amendments