The For Sale By Owner Commission Agreement is essential in the Indian real estate market where property owners wish to maintain control over their property sale while engaging professional real estate services. This document becomes necessary when a property owner wants to establish a formal relationship with a real estate agent without transferring full selling rights. It complies with Indian legislation, including RERA requirements and state-specific real estate regulations. The agreement typically includes detailed commission structures, specific services to be provided, property details, marketing arrangements, and the terms under which the commission becomes payable. It's particularly important in protecting both parties' interests by clearly defining responsibilities, payment terms, and service scope while ensuring compliance with local real estate laws and regulations.
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1. Parties: Identification of the property owner (seller) and the real estate agent, including full legal names, addresses, and contact information
2. Background: Brief context about the property sale intention and the owner's desire to engage the agent's services
3. Definitions: Key terms used throughout the agreement including 'Property', 'Commission', 'Selling Price', 'Closing', etc.
4. Appointment and Authorization: Formal appointment of the agent and scope of authorization granted by the property owner
5. Property Details: Complete description of the property including address, registration details, and basic specifications
6. Commission Structure: Detailed terms of the commission including percentage or fixed amount, when it becomes payable, and payment method
7. Term and Termination: Duration of the agreement and conditions for termination by either party
8. Owner's Representations and Warranties: Owner's declarations regarding property ownership, authority to sell, and property condition
9. Agent's Obligations: Specific services and duties the agent agrees to perform
10. Owner's Obligations: Property owner's responsibilities including providing accurate information and property access
11. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for dispute resolution
12. Notices: Method and addresses for formal communications between parties
13. Execution: Signature blocks and execution details
1. Multiple Listing Service: Include when the property will be listed on MLS platforms, specifying terms and conditions
2. Marketing Budget: Include when there's a specific agreement about marketing expenses and their allocation
3. Exclusivity: Include when the agreement is exclusive, preventing owner from engaging other agents
4. Commission Sharing: Include when there's potential for cooperation with other agents and commission sharing
5. Property Maintenance: Include when specific arrangements are made for property maintenance during the selling period
6. Force Majeure: Include to address unforeseen circumstances that might affect the agreement execution
7. Confidentiality: Include when there are specific confidentiality requirements regarding the sale
8. Digital Marketing Rights: Include when specific terms about online marketing and social media promotion need to be addressed
1. Schedule A - Property Details: Detailed property specification including exact measurements, boundaries, and included fixtures
2. Schedule B - Commission Calculation Examples: Examples illustrating how commission will be calculated in various sale scenarios
3. Schedule C - Marketing Plan: Detailed marketing strategy and activities to be undertaken by the agent
4. Schedule D - Property Documents: List of all property-related documents provided by the owner
5. Appendix 1 - Property Photos: Current photographs of the property to be used for marketing
6. Appendix 2 - Agent's License and Credentials: Copies of agent's RERA registration and other relevant certifications
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