The Buyer Agency Agreement is a crucial document in New Zealand real estate transactions where a buyer seeks professional representation in the property purchase process. This agreement is used when a buyer wants to engage a licensed real estate agent to act exclusively on their behalf in searching for, evaluating, and negotiating the purchase of property. The document ensures compliance with New Zealand's Real Estate Agents Act 2008 and related regulations, providing a clear framework for the agent-client relationship. It typically includes detailed provisions about the scope of services, commission structures, confidentiality obligations, and the term of representation. This agreement is particularly important as it establishes the legal basis for the agent's authority to act on the buyer's behalf and protects both parties' interests throughout the property purchase process.
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1. Parties: Identifies and provides full details of the buyer client and the real estate agency, including license numbers
2. Background: Explains the context of the agreement - that the buyer seeks to engage the agent to assist in purchasing property
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Scope: Formally appoints the agent and defines the specific services to be provided
5. Term of Agreement: Specifies the duration of the agreement and any renewal provisions
6. Agent's Obligations: Details the agent's duties, including property search, negotiation, and professional conduct requirements
7. Client's Obligations: Outlines the buyer's responsibilities, including providing accurate information and maintaining communication
8. Fees and Expenses: Specifies the agent's commission structure, payment terms, and reimbursable expenses
9. Confidentiality: Addresses the handling of confidential information by both parties
10. Termination: Sets out circumstances and processes for ending the agreement
11. Dispute Resolution: Establishes procedures for handling disagreements between parties
12. General Provisions: Contains standard legal clauses including governing law, notices, and entire agreement
1. Dual Agency: Required when the agency may represent both buyer and seller, addressing potential conflicts of interest
2. International Purchases: Include when the buyer is overseas-based or considering international property transactions
3. Property Type Specifications: Used when the buyer has specific property type requirements that need detailed documentation
4. Team Structure: Include when multiple agents or team members will be involved in providing services
5. Special Conditions: For any unique requirements or circumstances specific to the buyer's situation
1. Schedule 1: Fee Structure: Detailed breakdown of all fees, commissions, and payment terms
2. Schedule 2: Scope of Services: Comprehensive list of specific services to be provided by the agent
3. Schedule 3: Buyer's Requirements: Detailed specification of the buyer's property requirements and preferences
4. Appendix A: Agency Disclosure: Required disclosures under the Real Estate Agents Act 2008
5. Appendix B: Client Identification: AML verification documents and requirements
6. Appendix C: Complaints Procedure: Information about the agency's complaints handling process and REA complaints procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property
Professional Services
Financial Services
Legal Services
Property Investment
Residential Property
Commercial Property
Relevant Teams
Real Estate
Sales
Legal
Compliance
Property Advisory
Contracts Administration
Customer Relations
Operations
Relevant Roles
Real Estate Agent
Buyers Agent
Real Estate Broker
Property Consultant
Real Estate Sales Representative
Agency Principal
Property Advisor
Real Estate Manager
Compliance Officer
Legal Counsel
Contract Administrator
Real Estate Director
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