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Agency Agreement For The Sale Of Residential Property Template for India

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Key Requirements PROMPT example:

Agency Agreement For The Sale Of Residential Property

"I need an Agency Agreement for the Sale of Residential Property for my luxury villa in Bangalore, with exclusive rights to a single agent for 6 months starting March 2025, including provisions for international marketing and virtual tours."

Document background
The Agency Agreement For The Sale Of Residential Property is a crucial document in Indian real estate transactions, designed to formalize the relationship between property owners and real estate agents. This agreement becomes necessary whenever a property owner wishes to engage a professional agent to market and sell their residential property. It must comply with the Real Estate (Regulation and Development) Act 2016 (RERA) and various state-specific regulations governing real estate transactions in India. The document typically includes comprehensive details about the property, the scope of the agent's services, commission structures, marketing strategies, and the rights and obligations of both parties. It serves as a protective measure for both the property owner and the agent by clearly defining the terms of their professional relationship and establishing clear guidelines for the successful execution of the property sale.
Suggested Sections

1. Parties: Identification of the Property Owner/Seller and the Real Estate Agent, including registration details of the agent under RERA

2. Background: Context of the agreement, including brief description of the property and the owner's intention to sell

3. Definitions: Key terms used throughout the agreement including Property, Services, Commission, Marketing Materials, etc.

4. Appointment and Scope: Formal appointment of the agent and detailed scope of services to be provided

5. Term of Agreement: Duration of the agency agreement, including start date and termination conditions

6. Agent's Obligations: Detailed responsibilities of the agent including marketing, showing property, negotiating with potential buyers, and maintaining records

7. Property Owner's Obligations: Owner's responsibilities including providing accurate information, maintaining the property, and cooperating with viewings

8. Commission Structure: Detailed breakdown of agent's commission, payment terms, and conditions for commission eligibility

9. Marketing and Advertising: Terms regarding marketing strategy, advertising methods, and cost responsibilities

10. Confidentiality: Obligations regarding confidential information and privacy of both parties

11. Termination: Conditions and process for terminating the agreement by either party

12. Dispute Resolution: Process for resolving disputes between parties

13. Governing Law: Specification of Indian law as governing law and jurisdiction

14. Signatures: Execution clause and space for signatures of all parties

Optional Sections

1. Exclusive Agency Rights: Used when the owner grants exclusive rights to the agent for selling the property

2. International Marketing: Include when property is to be marketed to international buyers, specifying additional services and requirements

3. Virtual Tours and Digital Marketing: Specific provisions for digital marketing strategies and virtual property tours

4. Multiple Property Listing: Include when agreement covers multiple properties from the same owner

5. Sub-Agency Rights: Terms for allowing the agent to appoint sub-agents

6. Performance Targets: Specific performance metrics and targets for the agent

7. Special Property Features: Additional terms for unique property features requiring special marketing or handling

8. Force Majeure: Provisions for unforeseen circumstances affecting the agreement execution

Suggested Schedules

1. Schedule 1: Property Details: Comprehensive description of the property including address, dimensions, specifications, and amenities

2. Schedule 2: Commission Structure: Detailed breakdown of commission rates, calculation methods, and payment terms

3. Schedule 3: Marketing Plan: Detailed marketing strategy including platforms, budget, and timeline

4. Schedule 4: Property Documents: List of all property-related documents provided by the owner

5. Schedule 5: Agent's RERA Registration: Copy of agent's RERA registration and other relevant certifications

6. Appendix A: Property Photographs: Official photographs of the property approved for marketing use

7. Appendix B: Property Price History: Historical pricing data and current pricing strategy

8. Appendix C: Standard Operating Procedures: Procedures for property viewings, offer management, and communication protocols

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions































Clauses



































Relevant Industries

Real Estate

Residential Property

Property Development

Legal Services

Financial Services

Property Management

Construction

Property Investment

Relevant Teams

Legal

Real Estate Sales

Compliance

Business Development

Operations

Documentation

Contract Administration

Property Management

Transaction Processing

Risk Management

Relevant Roles

Real Estate Agent

Property Sales Manager

Real Estate Broker

Property Consultant

Legal Counsel

Compliance Officer

Real Estate Documentation Specialist

Property Sales Director

Business Development Manager

Contract Manager

Real Estate Transaction Coordinator

Property Portfolio Manager

Real Estate Operations Manager

RERA Compliance Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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