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Buyer's Agent Agreement

Buyer's Agent Agreement Template for Austria

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Key Requirements PROMPT example:

Buyer's Agent Agreement

"I need a Buyer's Agent Agreement for representing our German company in purchasing commercial properties in Vienna and Salzburg, with the agreement starting January 2025 and including cross-border transaction provisions and dual-language requirements."

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Document background
The Buyer's Agent Agreement is a crucial document in Austrian real estate transactions where a buyer seeks professional representation in their property search. It is used when a buyer wants dedicated assistance in finding, evaluating, and acquiring property, whether for residential, commercial, or investment purposes. The agreement, governed by Austrian law including the ABGB and Real Estate Broker Act, typically includes comprehensive details about property requirements, search territories, service scope, commission structures, and the agent's authority level. It's particularly important in the Austrian market where professional representation can significantly impact transaction success and legal compliance. The document serves both as a service agreement and a protective instrument for all parties involved, clearly delineating rights, responsibilities, and expectations.
Suggested Sections

1. Parties: Identification of the Buyer's Agent and the Buyer, including full legal names, addresses, and registration details where applicable

2. Background: Context of the agreement, explaining the Buyer's intention to purchase property and the Agent's role in assisting with this process

3. Definitions: Key terms used throughout the agreement including 'Property Requirements', 'Territory', 'Commission', 'Services', etc.

4. Appointment and Scope of Services: Details of the Agent's appointment and comprehensive list of services to be provided

5. Term and Termination: Duration of the agreement, renewal terms, and conditions for termination by either party

6. Agent's Obligations: Detailed responsibilities including property search, negotiations, due diligence, and reporting requirements

7. Buyer's Obligations: Buyer's responsibilities including providing accurate requirements, timely responses, and exclusive appointment terms

8. Fees and Payment Terms: Commission structure, payment timing, and any additional expenses or charges

9. Confidentiality: Obligations regarding confidential information shared during the engagement

10. Liability and Indemnification: Limitations of liability and mutual indemnification provisions

11. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution

Optional Sections

1. Exclusivity: Section defining exclusive rights of the agent, used when the agreement is exclusive rather than non-exclusive

2. Success Fee: Additional compensation structure based on achieving specific targets, used when performance-based incentives are agreed

3. International Property Search: Additional terms for cross-border property searches, used when the search extends beyond Austria

4. Team and Key Personnel: Specific commitments regarding key personnel, used when particular expertise or individuals are crucial to the service

5. Property Management Services: Additional services related to property management, used when the agent will provide post-purchase services

6. Digital Services: Terms regarding virtual viewings and digital communications, used when significant portions of the service are provided digitally

Suggested Schedules

1. Schedule 1 - Service Description: Detailed breakdown of all services included in the agreement

2. Schedule 2 - Fee Structure: Detailed commission calculations, payment schedules, and examples

3. Schedule 3 - Property Requirements: Detailed specification of the buyer's property requirements and preferences

4. Schedule 4 - Territory Definition: Geographic areas covered by the agreement

5. Appendix A - Agent's Credentials: Copies of relevant licenses, certifications, and professional memberships

6. Appendix B - Power of Attorney: If applicable, formal authorization for the agent to act on behalf of the buyer

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Agent
Buyer
Property
Property Requirements
Services
Territory
Commission
Success Fee
Effective Date
Term
Confidential Information
Business Day
Viewing
Due Diligence
Market Analysis
Property Report
Exclusive Period
Professional Standards
Transaction
Purchase Price
Completion
Force Majeure
Material Breach
Competing Property
Authority
Agency Period
Related Parties
Professional Fees
Expenses
Negotiation Services
Property Documentation
Search Criteria
Target Property
Market Value
Clauses
Agency Appointment
Services Scope
Term and Duration
Exclusivity
Agent's Obligations
Buyer's Obligations
Commission and Fees
Payment Terms
Confidentiality
Non-Disclosure
Data Protection
Liability
Indemnification
Force Majeure
Termination
Notice
Assignment
Amendments
Entire Agreement
Severability
Governing Law
Dispute Resolution
Power of Attorney
Property Search Parameters
Reporting Requirements
Success Fee
Expenses and Costs
Professional Standards
Compliance
Authority
Representations and Warranties
Relevant Industries

Real Estate

Property Development

Construction

Professional Services

Investment Management

Hospitality

Retail

Industrial

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Procurement

Business Development

Investment

Operations

Risk Management

Finance

Corporate Services

Relevant Roles

Real Estate Agent

Property Buyer

Real Estate Broker

Legal Counsel

Property Acquisition Manager

Investment Manager

Real Estate Portfolio Manager

Compliance Officer

Contract Manager

Property Consultant

Business Development Manager

Industries
Austrian Civil Code (ABGB): The fundamental civil law code that governs contractual relationships, agency, and representation in Austria. Particularly relevant are sections 1002-1044 dealing with agency agreements (Bevollmächtigungsvertrag).
Austrian Commercial Code (UGB): Regulates commercial transactions and business relationships, including commercial agency agreements and broker relationships in a business context.
Real Estate Broker Act (Immobilienmaklerverordnung): Specific regulations governing real estate brokerage activities, including duties, obligations, and compensation of real estate agents.
Consumer Protection Act (Konsumentenschutzgesetz - KSchG): If the buyer is a consumer, this act provides additional protection and specific requirements for contracts between businesses and consumers.
Trade Regulation Act (Gewerbeordnung): Regulates professional qualifications and licensing requirements for real estate agents and other business activities in Austria.
Distance and Off-Premises Contracts Act (FAGG): Relevant if the agreement is concluded remotely or outside of business premises, providing specific requirements for such contracts.
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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