The Commission Agreement (Real Estate) is a crucial document used in the Maltese property market to formalize the business relationship between property owners and real estate professionals. This document type is particularly important in Malta's dynamic real estate sector, where clear commission structures and service terms are essential for successful property transactions. The agreement ensures compliance with Malta's strict real estate regulations, including the Real Estate Agents, Property Brokers and Property Consultants Act, while protecting both parties' interests. It's commonly used when property owners engage real estate agents to market and sell their properties, detailing commission rates, payment triggers, marketing obligations, and service scope. The document's structure reflects Malta's specific legal requirements for real estate transactions and professional services agreements.
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1. Parties: Identification of the Property Owner/Seller and the Real Estate Agent/Agency, including license numbers and full contact details
2. Background: Context of the agreement, including brief description of the property and the owner's intention to sell/lease
3. Definitions: Key terms used throughout the agreement including 'Property', 'Commission', 'Effective Date', 'Asking Price', etc.
4. Appointment and Scope of Services: Formal appointment of the agent and detailed description of services to be provided
5. Duration of Agreement: Term of the agreement, including start date and end date or renewal provisions
6. Commission Structure: Detailed breakdown of commission rates, calculation method, and payment terms
7. Agent's Obligations: Specific duties and responsibilities of the agent including marketing efforts, showing property, etc.
8. Property Owner's Obligations: Owner's responsibilities including providing accurate information, access to property, etc.
9. Payment Terms: When and how commission payments will be made, including conditions for commission becoming due
10. Termination: Conditions and process for terminating the agreement by either party
11. Governing Law and Jurisdiction: Specification of Maltese law as governing law and jurisdiction for disputes
1. Exclusivity Clause: Used when the agent is granted exclusive rights to sell the property
2. International Sales Provisions: Include when targeting international buyers, covering additional requirements and considerations
3. Multiple Property Provisions: When the agreement covers multiple properties
4. Sub-Agents Authorization: Terms for allowing the primary agent to work with sub-agents
5. Marketing Budget and Cost Sharing: When specific marketing costs are to be shared between parties
6. Post-Termination Obligations: Protection of agent's rights for deals initiated during the agreement period
7. Force Majeure: Provisions for unforeseen circumstances affecting performance of the agreement
1. Schedule A - Property Details: Detailed description of the property including address, specifications, and features
2. Schedule B - Commission Rates: Detailed breakdown of commission rates for different transaction values or types
3. Schedule C - Marketing Plan: Specific marketing activities and timeline proposed by the agent
4. Schedule D - Property Documentation: List of required property documents to be provided by the owner
5. Appendix 1 - Agent's License: Copy of agent's valid real estate license and credentials
6. Appendix 2 - Property Photos: Official photographs of the property approved for marketing use
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