The Property Finder's Fee Agreement is essential in Nigerian real estate transactions where property owners or developers engage professional finders to source potential buyers or tenants. This document is particularly relevant in today's dynamic Nigerian property market, where professional intermediaries play a crucial role in facilitating transactions. The agreement should comply with Nigerian federal and state-level real estate regulations, including the Estate Surveyors and Valuers (Registration) Act and relevant state property laws. It typically includes detailed provisions on fee structures, payment conditions, scope of services, and the specific circumstances under which fees become payable. This type of agreement is commonly used in both commercial and residential property transactions, protecting both the property owner's interests and the finder's right to compensation.
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1. Parties: Identifies and provides full details of the Principal (property owner/seller) and the Finder, including registration numbers if applicable
2. Background: Explains the context of the agreement, including the Principal's desire to find a buyer/tenant and the Finder's expertise in property matters
3. Definitions: Defines key terms used in the agreement including 'Property', 'Fee', 'Successful Transaction', 'Introduced Party'
4. Appointment and Scope: Details the appointment of the Finder and specifies the exact services to be provided
5. Property Details: Specifies the property or properties covered by the agreement
6. Finder's Fee Structure: Details the fee calculation method, payment terms, and conditions for when the fee becomes payable
7. Finder's Obligations: Lists the specific duties and responsibilities of the Finder
8. Principal's Obligations: Outlines the responsibilities and commitments of the Principal
9. Term and Termination: Specifies the duration of the agreement and circumstances for termination
10. Confidentiality: Establishes confidentiality obligations regarding property and transaction details
11. Governing Law: Specifies Nigerian law as governing law and jurisdiction for disputes
12. Execution: Formal signing section with date and witness provisions
1. Exclusivity: Optional clause defining whether the Finder has exclusive rights - used when exclusivity is granted
2. Multiple Properties: Additional terms for agreements covering multiple properties - used when more than one property is involved
3. Sub-Agents: Terms governing the use of sub-agents - used when the Finder may need to engage other agents
4. International Transactions: Additional provisions for international buyers - used when targeting foreign investors
5. Marketing Authorization: Specific permissions for marketing activities - used when the Finder will conduct marketing
6. Commission Sharing: Terms for sharing commission with other agents - used in co-broker situations
7. Force Majeure: Provisions for unforeseen circumstances - used in longer-term agreements
8. Anti-Money Laundering Compliance: Specific AML obligations - used in high-value transactions
1. Schedule 1 - Property Details: Detailed description of the property/properties, including location, title details, and specifications
2. Schedule 2 - Fee Structure: Detailed breakdown of fees, including calculations, examples, and payment schedules
3. Schedule 3 - Required Documentation: List of documents required from potential buyers/tenants
4. Schedule 4 - Marketing Guidelines: Specific guidelines for how the property may be marketed
5. Appendix A - Property Photos and Plans: Visual documentation of the property
6. Appendix B - Proof of Ownership: Copies of title documents or proof of authority to sell/lease
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