The Prescribed Estate Agency Agreement is a crucial document in Malaysian real estate practice, mandated by regulatory authorities to standardize and professionalize estate agency services. This agreement must be used when engaging a licensed estate agent for property sales, purchases, or leasing services in Malaysia. It is designed to comply with the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 and BOVAEA guidelines, providing a comprehensive framework for the agency relationship. The document includes essential details such as the scope of services, commission rates, marketing strategies, and obligations of both parties. It's particularly important as it helps prevent unauthorized practice and ensures that both agents and clients understand their rights and responsibilities within the regulated Malaysian real estate market. The Prescribed Estate Agency Agreement also serves as a tool for maintaining professional standards and protecting consumers in property transactions.
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1. Parties: Identification of the Estate Agent/Agency and the Client (vendor/lessor/purchaser/lessee), including registration numbers and contact details
2. Background: Brief context of the agreement, including the intention to appoint the estate agent for property-related services
3. Definitions: Key terms used throughout the agreement, including 'Property', 'Services', 'Commission', and other relevant terms
4. Appointment and Authority: Formal appointment of the agent and scope of authority granted
5. Duration of Agreement: Period of appointment, including start date and termination provisions
6. Agent's Services and Obligations: Detailed description of services to be provided and agent's responsibilities
7. Client's Obligations: Client's responsibilities and commitments, including provision of accurate information
8. Commission Structure: Agreed commission rates, payment terms, and conditions for commission becoming payable
9. Marketing and Advertising: Terms regarding property marketing, including approved methods and cost responsibilities
10. Confidentiality: Obligations regarding confidential information handling
11. Termination: Conditions and process for terminating the agreement
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
13. Execution: Signature blocks and witnessing requirements
1. Sole Agency Terms: Used when the agreement is for sole agency rights, specifying exclusivity period and terms
2. Multiple Property Provisions: Required when the agreement covers multiple properties
3. Special Conditions: For any unique requirements or circumstances specific to the property or client
4. Co-Agency Arrangements: Terms for cooperation with other agents, if applicable
5. International Marketing: Additional terms for marketing property to international buyers/tenants
6. Virtual Viewing Provisions: Terms regarding virtual property viewings and digital marketing
7. Property Management Services: Additional terms if property management services are included
1. Schedule 1: Property Details: Comprehensive description of the property, including title details, location, and specifications
2. Schedule 2: Commission Rates: Detailed breakdown of commission structures and calculation methods
3. Schedule 3: Marketing Plan: Specific marketing activities and timeline
4. Schedule 4: Property Documentation: List of required property documents and certificates
5. Appendix A: BOVAEA Guidelines: Relevant extracts from BOVAEA guidelines regarding estate agency practice
6. Appendix B: Property Photos: Approved photographs and floor plans of the property
7. Appendix C: Service Level Agreement: Detailed breakdown of service standards and response times
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Industrial Property
Retail Property
Hospitality
Agriculture (for agricultural land)
Healthcare (for medical facilities)
Education (for educational institutions)
Relevant Teams
Legal
Compliance
Real Estate
Sales
Operations
Business Development
Property Management
Marketing
Client Services
Administration
Valuation
Risk Management
Relevant Roles
Estate Agent
Real Estate Broker
Property Manager
Real Estate Director
Compliance Officer
Legal Counsel
Property Consultant
Sales Manager
Business Development Manager
Contract Administrator
Property Valuer
Marketing Manager
Operations Manager
Agency Principal
Client Relations Manager
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