The Real Estate Agent Commission Agreement is a crucial document in Malaysian property transactions that formalizes the professional relationship between licensed real estate agents and property owners. This agreement is essential when engaging a real estate agent to market, sell, or lease property in Malaysia, whether residential or commercial. It must comply with Malaysian real estate regulations, particularly the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 and the Rules of the Board of Valuers, Appraisers and Estate Agents 1983. The document specifies commission structures, payment conditions, service scope, and mutual obligations, protecting both parties' interests while ensuring transparency and professional conduct in the property transaction process.
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1. Parties: Identifies the real estate agent/agency and the client (property owner/seller), including their full legal names, registration numbers, and addresses
2. Background: Contextual information about the property sale/lease transaction and the agent's appointment
3. Definitions: Defines key terms used throughout the agreement, including 'Property', 'Commission', 'Successful Transaction', and 'Exclusive Period' if applicable
4. Appointment and Authority: Formal appointment of the agent and scope of authority granted by the client
5. Agent's Services and Obligations: Detailed description of services to be provided by the agent, including marketing, showing property, and negotiating
6. Client's Obligations: Client's responsibilities, including providing accurate information and reasonable access to the property
7. Commission Structure: Detailed terms of commission payment, including rates, calculation method, and payment timing
8. Payment Terms: Specific conditions for when commission becomes payable and payment procedures
9. Term and Termination: Duration of the agreement and conditions for termination by either party
10. Confidentiality: Obligations regarding confidential information shared during the engagement
11. Governing Law: Specification that Malaysian law governs the agreement and jurisdiction details
12. Execution: Formal signing section with space for signatures, witnesses, and dates
1. Exclusive Agency Rights: Used when the agreement is exclusive, preventing the client from engaging other agents
2. Multiple Property Provisions: Include when the agreement covers multiple properties
3. Sub-Agency Provisions: Required when the agent may need to engage other agents or agencies
4. Marketing Budget and Plans: Detailed marketing commitments and cost arrangements, if specific marketing plans are agreed upon
5. Post-Termination Obligations: Include when there's a need to protect the agent's interests in ongoing negotiations after termination
6. Force Majeure: Optional clause for unforeseen circumstances affecting performance
7. Dispute Resolution: Specific procedures for handling disputes, including mediation or arbitration provisions
1. Schedule A - Property Details: Detailed description of the property, including address, title details, and specific features
2. Schedule B - Commission Rates: Detailed breakdown of commission rates for different transaction types or value ranges
3. Schedule C - Marketing Plan: Specific marketing activities and timeline agreed upon between parties
4. Schedule D - Required Documentation: List of documents required from the client for the agent to perform services
5. Appendix 1 - Agent's License and Credentials: Copies of the agent's professional licenses and BOVAEA registration
6. Appendix 2 - Property Photos and Floor Plans: Visual documentation of the property to be marketed
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Residential Property
Commercial Property
Property Management
Professional Services
Legal Services
Construction
Retail Property
Industrial Property
Relevant Teams
Real Estate
Sales
Legal
Compliance
Operations
Business Development
Property Management
Marketing
Administration
Finance
Contracts
Relevant Roles
Real Estate Agent
Property Manager
Real Estate Broker
Sales Director
Business Development Manager
Property Consultant
Legal Counsel
Compliance Officer
Contract Administrator
Property Developer
Real Estate Agency Owner
Transaction Manager
Branch Manager
Marketing Manager
Operations Manager
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