The Termination Of Buyer Agency Agreement Form is a crucial document used in Malaysian real estate transactions when either the buyer or the real estate agent wishes to end their professional relationship before its natural conclusion or upon mutual agreement. This document is essential in the Malaysian property market and must comply with the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 and the Board of Valuers, Appraisers, Estate Agents and Property Managers Rules 1983. It provides a clear record of the termination, addresses outstanding obligations, commissions, and property viewings, and ensures both parties are legally protected. The form is particularly important in situations where the original buyer agency agreement needs to be terminated due to changed circumstances, dissatisfaction with services, or completion of the intended property search.
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1. Parties: Identification of the principal (buyer) and the real estate agent/agency, including full legal names, registration numbers (for agents), and contact details
2. Background: Brief reference to the original Buyer Agency Agreement, including its date of execution and any relevant reference numbers
3. Definitions: Key terms used in the termination agreement, including references to the original agreement and any specific terms related to the termination
4. Termination Statement: Clear statement of termination, specifying the effective date of termination and mutual agreement of both parties
5. Release of Obligations: Statement releasing both parties from future obligations under the original agreement, subject to any surviving terms
6. Settlement of Accounts: Declaration regarding any outstanding fees, commissions, or reimbursements due to the agent
7. Return of Materials: Provisions for the return of any documents, keys, or materials related to potential property purchases
8. Execution: Signature blocks for all parties, including dates and witness provisions
1. Surviving Obligations: Used when certain provisions of the original agreement need to survive the termination, such as confidentiality obligations or commission provisions for pending transactions
2. Dispute Resolution: Include when parties want to specify how any future disputes relating to the termination will be handled
3. Non-Solicitation: Used when parties wish to include restrictions on future business relationships
4. Governing Law: Include when dealing with inter-state transactions or when specific jurisdiction needs to be clarified
5. Severability: Include when parties want to ensure that the invalidity of any provision doesn't affect the entire termination agreement
1. Schedule A - Original Agreement Details: Copy or summary of the key terms from the original Buyer Agency Agreement
2. Schedule B - Outstanding Transactions: List of any pending property viewings, offers, or negotiations at the time of termination
3. Schedule C - Financial Settlement: Detailed breakdown of any financial settlements, including outstanding fees or commission calculations
4. Appendix 1 - Property Records: List of properties shown or discussed during the agency period that may be subject to future commission claims
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