Broker Lease Agreement Template for Nigeria

The Broker Lease Agreement is a crucial document in Nigerian real estate practice, designed to formalize the professional relationship between property owners and licensed real estate brokers. This agreement is essential when property owners wish to engage professional assistance in leasing their properties, whether commercial or residential. It details the broker's authority to market the property, screen potential tenants, negotiate lease terms, and earn commission, all while complying with Nigerian real estate regulations and professional standards. The document becomes particularly important in major Nigerian commercial centers where professional real estate services are in high demand. It includes specific provisions required by Nigerian law, including broker licensing requirements, anti-money laundering compliance, and state-specific real estate regulations. The agreement protects both parties' interests by clearly defining roles, responsibilities, and compensation terms.

1. Parties: Identifies and provides full details of the property owner/landlord and the broker, including registration numbers and contact information

2. Background: Explains the context of the agreement, including the owner's intention to lease the property and the broker's qualifications

3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Commission', 'Lease Term', and 'Qualified Tenant'

4. Appointment and Authority: Formally establishes the broker's appointment and specifies the scope of authority granted by the property owner

5. Broker's Services and Obligations: Details the specific services to be provided by the broker, including marketing, showing property, tenant screening, and negotiation

6. Property Owner's Obligations: Outlines the owner's responsibilities, including providing accurate information, access to the property, and necessary documentation

7. Commission Structure: Specifies the commission rate, payment terms, and conditions under which commission becomes due

8. Term and Termination: States the duration of the agreement and conditions for termination by either party

9. Property Information: Details of the property including location, specifications, and approved rental terms

10. Representations and Warranties: Statements of fact and guarantees made by both parties

11. Liability and Indemnification: Outlines the extent of broker's liability and indemnification provisions

12. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and establishes jurisdiction for dispute resolution

13. Notices: Specifies how formal communications between parties should be made and delivered

14. Entire Agreement: Confirms that the document represents the complete agreement between parties