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Agency Agreement For The Sale Of Residential Property Template for Nigeria

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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 real estate company in Lagos, Nigeria, which will be an exclusive agreement for a luxury beachfront property with international marketing requirements and a minimum sale price of $2.5 million."

Document background
The Agency Agreement For The Sale Of Residential Property is a crucial document used in Nigerian real estate transactions when a property owner wishes to engage a professional agent to market and sell their residential property. This agreement is essential for establishing clear terms of engagement, defining the agent's authority, and protecting both parties' interests under Nigerian law. It complies with key legislation including the Estate Surveyors and Valuers Act, Land Use Act, and relevant property laws. The document typically includes detailed provisions about commission structures, marketing responsibilities, property details, and the duration of the agency relationship. It's particularly important in Nigeria's dynamic real estate market where proper documentation and clear terms are essential for successful property transactions. The agreement helps prevent disputes by clearly outlining each party's rights, obligations, and expectations throughout the sales process.
Suggested Sections

1. Parties: Identifies and provides full details of the Principal (property owner) and the Agent, including registration numbers and contact information

2. Background: Contextual information about the property sale and the parties' intention to enter into an agency relationship

3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation

4. Appointment and Scope: Formally establishes the agency relationship and details the specific services the agent will provide

5. Property Details: Comprehensive description of the property, including its location, title details, and relevant characteristics

6. Agent's Authority: Specifies the extent and limitations of the agent's authority to act on behalf of the principal

7. Agent's Duties and Responsibilities: Details the agent's obligations, including marketing strategies, showing the property, and handling inquiries

8. Principal's Obligations: Outlines the property owner's responsibilities, including providing accurate information and maintaining the property

9. Commission Structure: Specifies the agent's fees, commission rate, and payment terms

10. Duration and Termination: Sets the agreement's term and conditions for termination by either party

11. Confidentiality: Obligations regarding confidential information and client privacy

12. Governing Law: Confirms Nigerian law governs the agreement and specifies jurisdiction for disputes

13. Entire Agreement: Confirms the document represents the complete agreement between parties

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Sub-Agents: Include when the agent may need to appoint sub-agents to assist with the sale

2. Multiple Agents: Include when the property may be marketed by multiple agents, specifying whether exclusive or non-exclusive

3. International Marketing: Include when the property will be marketed to international buyers, including specific requirements and considerations

4. Digital Marketing Rights: Include specific provisions for online marketing and social media promotion

5. Property Management: Include if the agent will provide property management services during the sale period

6. Force Majeure: Include specific provisions for unforeseen circumstances affecting the agreement

7. Anti-Money Laundering Compliance: Include detailed AML procedures when dealing with high-value properties or specific buyer categories

8. Dispute Resolution: Include specific arbitration or mediation procedures if preferred over court proceedings

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property, including photographs, floor plans, and title information

2. Schedule 2 - Commission Structure: Detailed breakdown of commission rates, payment terms, and any additional fees

3. Schedule 3 - Marketing Plan: Comprehensive marketing strategy and promotional activities to be undertaken

4. Schedule 4 - Required Documentation: List of documents required from the principal for the sale process

5. Appendix A - Property Photographs: Professional photographs of the property

6. Appendix B - Property Title Documents: Copies of relevant title documents and certificates

7. Appendix C - Agent's Licenses: Copies of agent's professional licenses and registrations

8. Appendix D - Marketing Materials: Templates or examples of proposed marketing materials

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








































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Relevant Industries

Real Estate

Property Development

Legal Services

Financial Services

Property Management

Construction

Housing Development

Urban Development

Residential Construction

Relevant Teams

Legal

Real Estate

Sales

Business Development

Compliance

Operations

Property Management

Contracts

Risk Management

Document Management

Relevant Roles

Real Estate Agent

Property Manager

Estate Surveyor

Legal Counsel

Property Developer

Sales Manager

Business Development Manager

Real Estate Broker

Compliance Officer

Contract Manager

Property Consultant

Real Estate Director

Legal Director

Managing Director

Operations Manager

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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