Real Estate Broker Contract

Real Estate Broker Contract Template for Nigeria

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Key Requirements PROMPT example:

"I need a Real Estate Broker Contract for my residential property in Lagos, Nigeria, with an exclusive listing period of 6 months starting January 2025, including standard commission rates and basic marketing services."

Document background

The Real Estate Broker Contract serves as a crucial legal instrument in Nigerian property transactions, establishing the formal relationship between property owners and professional real estate brokers. This document is essential when property owners seek professional assistance in marketing, selling, or leasing their properties in compliance with Nigerian real estate regulations. It details the broker's authority to act on behalf of the owner, specifies commission structures, and outlines marketing strategies while ensuring compliance with both federal and state-level requirements. The contract incorporates key provisions from the Estate Agents and Brokers Registration Act and other relevant Nigerian legislation, making it suitable for both residential and commercial property transactions. This document is particularly important in protecting both parties' interests and establishing clear parameters for the professional services to be rendered, including specific performance metrics and termination conditions.

Suggested Sections

1. Parties: Identifies and provides full details of the property owner/seller and the licensed real estate broker, including registration numbers and contact information

2. Background: Explains the context of the agreement, including the owner's intention to sell/lease the property and the broker's qualification to provide such services

3. Definitions: Defines key terms used throughout the agreement including but not limited to Property, Commission, Listing Period, and Exclusive Rights

4. Appointment and Scope of Services: Details the official appointment of the broker and comprehensively lists all services to be provided

5. Term of Agreement: Specifies the duration of the brokerage agreement, including start date and end date

6. Broker's Rights and Obligations: Lists all duties and responsibilities of the broker, including marketing efforts, showing the property, and handling inquiries

7. Property Owner's Rights and Obligations: Outlines the property owner's responsibilities, including providing accurate information and maintaining the property

8. Commission Structure: Details the broker's compensation, including commission percentage, payment terms, and conditions for commission earning

9. Property Details: Describes the subject property, including its location, specifications, and asking price/rental rate

10. Marketing Authorization: Grants specific permissions for marketing activities and use of property information

11. Termination: Specifies conditions and procedures for ending the agreement by either party

12. Dispute Resolution: Outlines procedures for handling disagreements between parties

13. Governing Law: Confirms Nigerian law as governing law and specifies relevant jurisdiction

14. Signatures: Space for parties to execute the agreement with appropriate witness provisions

Optional Sections

1. Protection Period: Defines a period after agreement termination during which the broker remains entitled to commission for specific prospects. Include when working with high-value properties or in competitive markets

2. Sub-Agents Authorization: Permits and sets terms for the broker to engage sub-agents. Include when the broker may need to collaborate with other agents

3. International Marketing: Specific provisions for marketing the property internationally. Include for high-end properties or those targeting foreign investors

4. Virtual Tours and Digital Marketing: Specific provisions for digital marketing and virtual showings. Include when advanced digital marketing is planned

5. Multiple Listing Service: Terms for listing the property on multiple listing services. Include when MLS listing is part of the marketing strategy

6. Property Management Services: Additional terms for property management if the broker will also manage the property. Include for rental properties needing management

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the property including legal description, boundaries, and features

2. Schedule B - Commission Structure: Detailed breakdown of commission rates, payment terms, and special commission scenarios

3. Schedule C - Marketing Plan: Comprehensive marketing strategy and timeline

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

5. Appendix 1 - Broker's License: Copy of broker's current license and professional certifications

6. Appendix 2 - Property Photos: Official photographs and floor plans of the property

7. Appendix 3 - Service Level Agreement: Detailed breakdown of service standards and response times

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Property Investment

Commercial Property Management

Residential Property Management

Real Estate Finance

Property Technology

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Sales

Business Development

Compliance

Operations

Asset Management

Property Management

Contract Administration

Risk Management

Relevant Roles

Real Estate Broker

Property Manager

Real Estate Agent

Business Development Manager

Sales Director

Property Consultant

Real Estate Investment Manager

Legal Counsel

Compliance Officer

Contract Manager

Real Estate Portfolio Manager

Asset Manager

Property Valuation Specialist

Real Estate Operations Manager

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