Agency Agreement For Sale Of Residential Property for Australia

Agency Agreement For Sale Of Residential Property Template for Australia

An Agency Agreement for Sale of Residential Property is a legally binding contract used in Australian jurisdictions between a property owner and a real estate agent/agency. The agreement authorizes the agent to market and sell residential property on the owner's behalf, outlining the terms of appointment, scope of authority, commission structure, and service obligations. It must comply with Australian federal laws and state-specific real estate regulations, including mandatory disclosure requirements, cooling-off periods, and prescribed terms. The document serves as the foundational agreement protecting both parties' interests throughout the property sale process.

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What is a Agency Agreement For Sale Of Residential Property?

The Agency Agreement For Sale Of Residential Property is a crucial document in Australian real estate transactions, required whenever a property owner engages a real estate agent to sell their residential property. This agreement is mandated by state-specific property and real estate regulations and must comply with various legislative requirements including the Property and Stock Agents Act 2002 and relevant state Fair Trading regulations. It details the agent's authority to market and sell the property, commission structures, estimated selling price ranges, marketing strategies, and the duration of the agency relationship. The document serves as both a legal requirement and a protective mechanism for all parties involved, clearly defining rights, responsibilities, and obligations throughout the sales process. It's particularly important as it forms the basis for the financial relationship between the agent and property owner, and its terms can significantly impact the success of the property sale.

What sections should be included in a Agency Agreement For Sale Of Residential Property?

1. Parties: Identification of the Agent and the Property Owner (Principal), including full legal names, addresses, and relevant license details for the agent

2. Background: Brief context about the property sale and the owner's intention to appoint the agent

3. Definitions: Key terms used throughout the agreement including Property, Services, Exclusive Agency Period, etc.

4. Appointment and Term: Details of the agent's appointment, whether exclusive or non-exclusive, and the duration of the agreement

5. Property Details: Full description and address of the property being sold

6. Agent's Services: Comprehensive list of services the agent will provide in marketing and selling the property

7. Agent's Authority: Scope of the agent's authority to act on behalf of the owner

8. Agent's Fees and Commissions: Detailed breakdown of all fees, commissions, and when they become payable

9. Estimated Selling Price: The estimated price range for the property as required by law

10. Marketing and Advertising: Details of proposed marketing campaign and associated costs

11. Owner's Obligations: The property owner's responsibilities and obligations during the agency period

12. Termination: Conditions and process for terminating the agreement

13. Disputes Resolution: Process for handling disputes between parties

14. Governing Law: Specification that the agreement is governed by Australian law and relevant state jurisdiction

15. Execution: Formal signing section including necessary witnessing requirements

What sections are optional to include in a Agency Agreement For Sale Of Residential Property?

1. Multiple Agents: Required when multiple agents are involved in the sale process, defining their respective roles and commission splits

2. Tenant Provisions: Include when the property is currently tenanted, addressing access rights and coordination with tenants

3. Staging Services: Include when property staging services are being provided as part of the agreement

4. Foreign Investment: Required when the property might attract foreign investors and need FIRB approval

5. Special Conditions: Any unique requirements or conditions specific to the property or sale circumstances

6. Online Auction Provisions: Include when the property may be sold via online auction

7. COVID-19 Provisions: Special arrangements and protocols during pandemic conditions

What schedules should be included in a Agency Agreement For Sale Of Residential Property?

1. Schedule 1 - Property Details: Detailed description of the property including lot number, title reference, improvements, and inclusions/exclusions

2. Schedule 2 - Fee Schedule: Comprehensive breakdown of all fees, charges, and commission structures

3. Schedule 3 - Marketing Schedule: Detailed marketing plan including specific activities, timelines, and associated costs

4. Schedule 4 - Vendor Disclosure Statement: Required disclosures about the property's condition and known issues

5. Appendix A - Agency Pricing Documentation: Supporting documentation for the estimated selling price including comparative market analysis

6. Appendix B - Required Warning Statements: Statutory warning statements required by state legislation

7. Appendix C - Authority Verification: Documents verifying the owner's authority to sell (e.g., company resolutions, power of attorney)

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

Jurisdiction

Australia

Publisher

Genie AI

Cost

Free to use
Relevant Industries

Real Estate

Property Management

Legal Services

Property Development

Professional Services

Construction

Financial Services

Property Investment

Relevant Teams

Legal

Compliance

Real Estate Sales

Property Management

Business Development

Operations

Administration

Contract Management

Documentation

Risk Management

Relevant Roles

Real Estate Agent

Property Manager

Sales Director

Legal Counsel

Compliance Officer

Business Development Manager

Real Estate Principal

Contract Administrator

Property Sales Consultant

Real Estate Operations Manager

Agency Director

Conveyancer

Property Law Specialist

Sales Administration 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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