Real Estate Broker Contract With Seller

Real Estate Broker Contract With Seller Template for Nigeria

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Key Requirements PROMPT example:

"I need a Real Estate Broker Contract with Seller for a luxury residential property in Lagos, Nigeria, with an exclusive listing period of 6 months starting January 2025, including international marketing provisions and a 5% commission structure."

Document background

The Real Estate Broker Contract With Seller is a crucial document used in Nigerian property transactions when a property owner wishes to engage a professional real estate broker or agency to sell their property. This agreement is essential for establishing clear terms of engagement, protecting both parties' interests, and ensuring compliance with Nigerian real estate regulations. The contract typically includes detailed provisions about the property, listing price, broker's authority, commission structure, marketing strategies, and duration of the listing. It must comply with various Nigerian laws including the Estate Surveyors and Valuers Registration Act, state-specific real estate regulations, and general contract law principles. This document is particularly important in the Nigerian context where the real estate market requires careful documentation of agency relationships and clear delineation of responsibilities to prevent disputes and ensure smooth property transactions.

Suggested Sections

1. Parties: Identification of the Property Owner/Seller and the Real Estate Broker/Agency

2. Background: Context of the agreement and brief description of the property and intended sale

3. Definitions: Key terms used throughout the agreement including Property, Listing Price, Commission, etc.

4. Appointment and Authority: Formal appointment of broker and scope of authority granted

5. Property Details: Comprehensive description of the property being listed for sale

6. Broker's Services and Obligations: Detailed listing of services to be provided by the broker

7. Seller's Obligations: Responsibilities and commitments of the property owner

8. Listing Price and Terms: Agreed listing price and conditions for sale

9. Commission Structure: Details of broker's commission and payment terms

10. Duration and Listing Period: Term of the agreement and any extension provisions

11. Marketing and Advertising: Agreement on marketing strategies and advertising responsibilities

12. Termination: Conditions and process for terminating the agreement

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

14. Dispute Resolution: Process for resolving disputes between parties

15. Entire Agreement: Standard clause confirming this as the complete agreement between parties

Optional Sections

1. Protection Period: Used when the seller wants to establish a period after termination during which the broker remains entitled to commission for specific prospects

2. Multiple Listing Service: Include when the property will be listed on multiple listing services

3. Sub-Agents: Required when the broker may engage other agents to assist in selling the property

4. Virtual Tours and Digital Marketing: Include specific provisions for digital marketing and virtual showings

5. International Marketing: Add when targeting international buyers with specific marketing requirements

6. Anti-Money Laundering Compliance: Detailed compliance requirements for high-value properties or international transactions

7. Force Majeure: Include specific provisions for unforeseen circumstances affecting the contract performance

Suggested Schedules

1. Schedule A - Property Description: Detailed description of the property including boundaries, fixtures, and fittings

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

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

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

5. Appendix 1 - Property Photographs: Official photographs of the property for listing purposes

6. Appendix 2 - Property Title Documents: Copies of relevant property title documents

7. Appendix 3 - Broker's License: Copy of broker's current professional license and registrations

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

Commercial Property

Residential Property

Property Management

Professional Services

Legal Services

Construction

Housing Development

Relevant Teams

Legal

Real Estate

Sales

Compliance

Business Development

Property Management

Contracts Administration

Risk Management

Relevant Roles

Real Estate Broker

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Estate Surveyor

Compliance Officer

Sales Director

Business Development Manager

Contract Manager

Real Estate Transaction Coordinator

Property Valuer

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