The Lease Commission Agreement is a crucial document in Pakistani real estate transactions, used when property owners engage real estate agents to secure tenants for their properties. This agreement type is essential for both commercial and residential properties, providing clear terms for commission payments and protecting the interests of both property owners and agents. The document must comply with Pakistani legal requirements, including the Contract Act 1872, Transfer of Property Act 1882, and relevant provincial real estate regulations. It typically includes detailed commission structures, payment triggers, agent responsibilities, and property specifications. The agreement is particularly important in Pakistan's growing real estate market, where formal documentation of commission arrangements helps prevent disputes and ensures transparency in property transactions.
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1. Parties: Identification of the property owner/landlord and the real estate agent/broker, including their complete legal names, addresses, and any registration/license numbers
2. Background: Context of the agreement, including brief description of the property and the owner's intention to engage the agent for leasing services
3. Definitions: Key terms used throughout the agreement, including 'Property', 'Commission', 'Lease', 'Tenant', and 'Effective Date'
4. Appointment and Authority: Formal appointment of the agent and scope of authority granted to market the property and negotiate with potential tenants
5. Property Details: Comprehensive description of the property, including address, size, type, and any specific features or limitations
6. Commission Structure: Detailed breakdown of commission rates, calculation method, and timing of payments
7. Payment Terms: Specific conditions for commission payment, including payment schedule and method
8. Agent's Obligations: Detailed list of services to be provided by the agent, including marketing, showing property, and tenant screening
9. Owner's Obligations: Property owner's responsibilities, including providing access to the property and necessary documentation
10. Term and Termination: Duration of the agreement and conditions for termination by either party
11. Governing Law: Specification that Pakistani law governs the agreement and relevant jurisdictional details
12. Dispute Resolution: Process for resolving any disputes between parties, including mediation or arbitration procedures
1. Exclusivity: Section defining whether the agent has exclusive rights to market and lease the property, used when exclusive agency is agreed
2. Sub-Agents: Terms governing the appointment and management of sub-agents, included when sub-agents are permitted
3. Marketing Budget: Details of marketing expenditure and cost allocation between parties, used when specific marketing arrangements are agreed
4. Property Management: Additional terms for property management services, if the agent will also manage the property
5. Insurance Requirements: Specific insurance obligations for either party, included when additional insurance coverage is required
6. Commission on Renewal: Terms for commission on lease renewals or extensions, used when renewal commissions are part of the arrangement
1. Schedule A - Property Details: Detailed description of the property, including floor plans, photographs, and specific inclusions/exclusions
2. Schedule B - Commission Rates: Detailed breakdown of commission rates for different scenarios (e.g., lease term lengths, property types)
3. Schedule C - Marketing Plan: Detailed marketing strategy and timeline for the property
4. Schedule D - Required Documentation: List of documents required from both parties for effective marketing and leasing
5. Appendix 1 - Agent's License: Copy of agent's current real estate license and registrations
6. Appendix 2 - Property Title Documents: Copies of relevant property ownership documents and certificates
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