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International Real Estate Agent Contract

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In the International Real Estate Agent Contract (www.globalnegotiator.com) the Agent shall undertake the identification, promotion, advisory and negotiation procedures for the purchase and sale of real estate properties.

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International Real Estate Agent Contract

  1. 1. INTERNATIONAL REAL ESTATE AGENT CONTRACT
  2. 2. INTERNATIONAL REAL ESTATE AGENT CONTRACT 1. Definition 2. Parties to the Contract 3. Main clauses 3.1 Appointment of Agent 3.2 Validity period of the Contract 3.3 Duties of the Agent 3.4 Price of the Property 3.5 Commission 4. Law applicable 5. Model Contract www.globalnegotiator.com
  3. 3. In the International Real Estate Agent Contract, the Agent, shall undertake the identification, promotion, advisory and negotiation procedures for the purchase and sale of real estate properties (apartments, houses, villas, buildings, commercial premises, properties etc.) Agent fees are generally set by means of a commission (%) on the value of real estate property sold. The Agent can be exclusive or non-exclusive. The Real Estate Agent may act both for the sale (Vendor’s Agent) as well as the purchase (Purchaser’s Agent), although the former instance is more common as in most real estate property transactions the real estate agents work for the vendors. DEFINITION www.globalnegotiator.com
  4. 4. The Vendor is usually an individual or family that wants to sale a real estate property. The Agent can be a company or a person (independent professional). For each party, the following has to be included: • Full name, address and nationality of the Vendor • Name of company, full address and nationality of the Agent • Name, profession, full address and nationality of person who acts as Agent • Tax ID number of both parties PARTIES TO THE CONTRACT www.globalnegotiator.com
  5. 5. Some of the most important clauses in the International Real Estate Agent Contract are as follows: • Appointment of Agent • Validity period of the Contract • Duties of the Agent • Price of the property • Commission See sample of International Real Estate Agent Contract MAIN CLAUSES www.globalnegotiator.com
  6. 6. “Mr./Ms. (“the Vendor”), appoints Mr./Ms. ………………........... [insert full name, address, fiscal number and professional qualification, if necessary] (“the Agent”), subject to and in accordance with the terms and conditions of this Contract, to act as his/her ........................ [exclusive or non-exclusive] Agent in the marketing and sale of the real estate property located in/at .............................................. ........................ whose information is provided in Annex 1 (Property Information Form) of this Contract.” 3.1 APPOINTMENT OF AGENT www.globalnegotiator.com
  7. 7. Alternative A “This Contract shall take effect on ....................... [Day/Month/Year] and expire ................................ ... [Day/Month/Year], both days inclusive.” Alternative B “This Contract shall commence on ........................ .....................[Day/Month/Year] and shall have a term of .....[1, 3, 6, 9, 12] months.” 3.2 VALIDITY PERIOD OF THE CONTRACT See sample of International Real Estate Agent Contract
  8. 8. “In addition to the duties incumbent on the Agent under this Contract, the Agent shall: (a) Obtain all the information necessary for the sale of the Property. (b) Market the Property on behalf of the Vendor. (c) Arrange for purchasers to inspect the Property. (d) Conduct negotiations and submit all offers in relation to the Property to the Vendor. (e) Assist the Vendor in entering into a binding agreement for sale and purchase with a Purchaser.” 3.3. DUTIES OF THE AGENT See sample of International Real Estate Agent Contract
  9. 9. “The price of the property shall be .................................. ........ [insert amount and currency].” “This price may only be varied with written instructions of the Vendor and such instructions shall become part of this Contract.” “The Vendor does not confer upon the Agent, by virtue of this Clause, the right to accept an offer on behalf of the Vendor. The price specified is for advertising and marketing of the property purposes only.” 3.4 PRICE OF THE PROPERTY See sample of International Real Estate Agent Contract
  10. 10. “If duringtheValidityPeriodof theContracttheVendor through the Agent enters into a binding Contract for sale and purchase of the Property, then the Vendor is liable to pay the Agent a commission of ........% [insert percentage, usually between 1% and 5%] of the transacted price of the Property.” “The commission shall be paid Upon the signing of the sale and purchase contract.” 3.5. COMMISSION See sample of International Real Estate Agent Contract
  11. 11. The Parties shall exercises their best efforts to resolve by negotiation any dispute, controversy o difference between them arising out or relating to this Contract. The parties are free to submit any conflicts regarding the agreement to International Arbitration or to the Laws of the country of one of the parties. The conflicts will normally be subject to the Courts of the country where the real estate property is located and, specifically, to those of the town/city in this country. LAW APPLICABLE See sample of International Real Estate Agent Contract
  12. 12. In order to obtain the model contract in Word format and the user guide, click on: International Real Estate Agent Contract MODEL CONTRACT See sample of International Real Estate Agent Contract

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