The Buyer Agency Form is a crucial document in Nigerian real estate transactions that formalizes the professional relationship between a property buyer and their chosen real estate agent. This agreement is essential when a buyer seeks professional representation in the property acquisition process, whether for residential, commercial, or investment purposes. The document is designed to comply with Nigerian real estate regulations, agency laws, and contract law requirements. It typically includes comprehensive details about the agent's duties, buyer's obligations, commission structures, and the scope of representation. The Buyer Agency Form is particularly important in Nigeria's dynamic real estate market, where proper documentation of agency relationships helps prevent disputes and ensures clear understanding of roles and responsibilities. It serves as a protective mechanism for both parties by clearly defining the terms of engagement, service expectations, and financial obligations.
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1. Parties: Identifies and provides full details of the buyer (client) and the real estate agent/agency
2. Background: Explains the context of the agreement and the buyer's intention to engage the agent
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Agency Relationship: Formally establishes the agency relationship and whether it's exclusive or non-exclusive
5. Agent's Services and Duties: Details the specific services the agent will provide, including property search, negotiations, and advisory services
6. Client's Obligations: Outlines the buyer's responsibilities, including providing accurate information and cooperating with the agent
7. Commission and Fees: Specifies the agent's compensation structure, payment terms, and conditions for earning commission
8. Term and Termination: States the duration of the agreement and conditions for termination
9. Confidentiality: Addresses the handling of confidential information shared during the engagement
10. Liability and Indemnification: Sets out the limitations of the agent's liability and indemnification provisions
11. Governing Law: Specifies that Nigerian law governs the agreement
12. Dispute Resolution: Outlines the process for resolving any disputes between the parties
13. Entire Agreement: Confirms that the document represents the complete agreement between the parties
1. Property Requirements: Used when the buyer has specific property criteria that need to be documented
2. Geographic Limitations: Include when the agent's services are limited to specific regions or states in Nigeria
3. Dual Agency Provisions: Required if the agent may potentially represent both buyer and seller
4. International Considerations: Include for foreign buyers, addressing specific requirements and considerations
5. Anti-Money Laundering Compliance: Additional section for high-value transactions or when dealing with corporate buyers
6. Force Majeure: Optional clause to address unforeseen circumstances that may affect the agreement
7. Assignment Rights: Include when either party may need to transfer their rights under the agreement
1. Schedule A - Commission Structure: Detailed breakdown of commission rates and payment terms
2. Schedule B - Service Level Details: Comprehensive list of services to be provided by the agent
3. Schedule C - Property Requirements: Detailed specifications of the type of property the buyer is seeking
4. Schedule D - Required Documents: List of documents the buyer must provide for due diligence
5. Appendix 1 - Agent's License and Credentials: Copies of the agent's professional licenses and certifications
6. Appendix 2 - Agency Disclosure Form: Standard form explaining the nature of the agency relationship as required by Nigerian law
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