The Real Estate Sellers Agreement is a crucial document in Malaysian property transactions that formalizes the relationship between property owners and real estate professionals. This agreement is essential when a property owner wishes to engage professional assistance in selling their property in Malaysia, whether residential or commercial. The document encompasses all aspects of the selling arrangement, including commission structures, marketing strategies, and service obligations, while ensuring compliance with Malaysian real estate laws and regulations. It provides protection for both parties by clearly defining roles, responsibilities, and expectations, incorporating requirements from various Malaysian property laws including the National Land Code 1965 and the Valuers, Appraisers, Estate Agents and Property Managers Act 1981.
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1. Parties: Identification and details of the seller and the appointed real estate agent/agency
2. Background: Context of the agreement, including brief property description and purpose of appointment
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Appointment and Authority: Scope of agent's appointment and extent of authority to act on seller's behalf
5. Property Details: Comprehensive description of the property including title details and encumbrances
6. Listing Price and Terms: Agreed listing price and acceptable terms of sale
7. Commission Structure: Agent's commission rate and payment terms
8. Marketing and Promotion: Agent's obligations regarding property marketing and advertising
9. Seller's Obligations: Seller's responsibilities including property maintenance and disclosure requirements
10. Agent's Obligations: Agent's duties, responsibilities and service standards
11. Duration and Termination: Term of agreement and conditions for termination
12. Confidentiality: Provisions regarding confidential information handling
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
14. Dispute Resolution: Process for handling disputes between parties
1. Multiple Listing Service: Terms for listing on multiple platforms, used when the property will be listed on various property portals
2. Professional Photography: Terms regarding professional photography services, included when specific marketing arrangements are agreed
3. Open House Events: Provisions for conducting open houses, included when such events are planned
4. International Marketing: Special provisions for marketing to international buyers, used when targeting overseas investors
5. Dual Agency: Provisions for situations where the agent may represent both seller and buyer
6. Virtual Tours: Terms regarding virtual tour services and online showcasing
7. Special Conditions: Any unique requirements or conditions specific to the property or seller
1. Schedule 1 - Property Details: Detailed property specifications, including lot number, title details, and exact measurements
2. Schedule 2 - Marketing Package: Detailed marketing plan and advertising schedule
3. Schedule 3 - Commission Structure: Detailed breakdown of commission rates and calculation methods
4. Schedule 4 - Property Condition Report: Current condition of the property and any known defects
5. Appendix A - Property Documents: Copies of title, strata plan (if applicable), and other relevant property documents
6. Appendix B - Property Photos: Current photographs of the property
7. Appendix C - Seller's Disclosure: Mandatory disclosures about property condition and history
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