The Real Estate Broker of Record Agreement is a crucial document used in the Philippine real estate industry to formalize the professional relationship between property owners or companies and their chosen real estate broker. This agreement is essential when a client wishes to establish an exclusive arrangement with a licensed broker for handling their real estate transactions and portfolio management. The document must comply with the Real Estate Service Act (RESA) of 2009 and other relevant Philippine regulations, including PRC guidelines and anti-money laundering laws. It typically includes comprehensive details about service scope, compensation structures, compliance requirements, and professional obligations. This agreement is particularly important for corporate clients managing multiple properties or large-scale real estate operations, as it provides clear guidelines and protections for both parties while ensuring regulatory compliance.
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1. Parties: Identifies the client and the licensed real estate broker, including their complete details and license numbers
2. Background: Contextual information about the purpose of the agreement and the parties' intentions
3. Definitions: Key terms used throughout the agreement, including technical real estate terms and Philippine-specific regulatory terms
4. Appointment and Authority: Formal designation of the broker as the exclusive broker of record and scope of authority granted
5. Term and Termination: Duration of the agreement, renewal terms, and conditions for termination
6. Broker Services and Responsibilities: Comprehensive list of services to be provided by the broker, including regulatory compliance obligations
7. Client Obligations: Responsibilities and commitments of the client, including information provision and cooperation
8. Compensation Structure: Detailed breakdown of fees, commissions, and payment terms
9. Confidentiality: Provisions for handling sensitive information and client data
10. Compliance with Laws: Specific reference to RESA and other applicable Philippine laws and regulations
11. Representations and Warranties: Statements of fact and guarantees from both parties
12. Liability and Indemnification: Risk allocation and protection provisions for both parties
13. Dispute Resolution: Process for handling disagreements, including jurisdiction under Philippine law
14. General Provisions: Standard clauses including notices, amendments, and governing law
1. International Transactions: Additional provisions for handling international clients or properties, including foreign investment regulations
2. Digital Services: Specific provisions for online marketing and virtual services, particularly relevant post-COVID
3. Sub-Broker Relations: Terms for working with other brokers or agents when necessary
4. Special Property Types: Additional terms for specific property types like commercial, industrial, or agricultural land
5. Marketing Budget and Plans: Detailed marketing commitments and budget allocations
6. Performance Metrics: Specific KPIs and performance evaluation criteria
7. Anti-Money Laundering Provisions: Enhanced due diligence procedures for high-value transactions
1. Schedule A - Property Portfolio: List and details of properties covered under the agreement
2. Schedule B - Fee Structure: Detailed breakdown of commission rates, fees, and payment terms
3. Schedule C - Service Level Agreement: Specific performance standards and response time commitments
4. Schedule D - Marketing Plan: Detailed marketing strategy and budget allocation
5. Schedule E - Broker Credentials: Copies of broker's license, certifications, and professional credentials
6. Appendix 1 - Required Forms: Standard forms required under Philippine real estate regulations
7. Appendix 2 - Compliance Checklist: Checklist of regulatory requirements and necessary documentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial Property
Retail Property
Hospitality
Mixed-Use Development
Property Development
Property Investment
Property Management
Relevant Teams
Legal
Real Estate Operations
Asset Management
Property Management
Facilities Management
Compliance
Finance
Investment
Acquisitions
Business Development
Risk Management
Relevant Roles
Real Estate Broker
Property Manager
Asset Manager
Real Estate Director
Chief Investment Officer
Facilities Manager
Property Development Manager
Real Estate Portfolio Manager
Acquisitions Manager
Legal Counsel
Compliance Officer
Real Estate Operations Manager
Chief Financial Officer
Real Estate Investment Manager
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