The Buyer Broker Contract serves as the foundational document governing the professional relationship between property buyers and their appointed brokers in England and Wales. This contract type is essential when engaging professional assistance in property acquisition, whether for residential, commercial, or investment purposes. The agreement typically includes detailed provisions about the broker's duties, compensation structure, exclusivity arrangements, and service scope. It ensures compliance with the Estate Agents Act 1979 and other relevant legislation while protecting both parties' interests throughout the property search and acquisition process.
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1. Parties: Identification and details of the broker and the buyer
2. Background: Context of the agreement and brief description of services
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of broker's services and obligations
5. Fees and Payment Terms: Broker's compensation structure and payment conditions
6. Duration and Termination: Contract period and termination provisions
7. Confidentiality: Protection of confidential information
1. Exclusivity: Terms of exclusive representation when broker has exclusive rights to represent buyer
2. International Transactions: Additional provisions for international property purchases and cross-border transactions
3. Special Property Types: Specific provisions for unique property types such as commercial, industrial, or specialized properties
1. Schedule of Fees: Detailed breakdown of all fees and charges
2. Service Level Agreement: Detailed scope of services and performance metrics
3. Client Requirements: Specific property requirements and preferences of the buyer
4. Anti-Money Laundering Requirements: Documentation and verification requirements for AML compliance
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