A Buyer Agency Agreement is essential when engaging a real estate professional in the Philippines to assist with property acquisition. This document formalizes the relationship between the buyer and the agent/broker, providing legal protection for both parties under Philippine law. It's particularly important as it defines the scope of the agent's authority, their duties in property search and negotiation, and the agreed compensation structure. The agreement must comply with the Real Estate Service Act (RESA) of 2009 and related regulations, including requirements for professional licensing and agency disclosure. Used primarily when a buyer wants exclusive professional representation in property transactions, it helps prevent conflicts of interest and ensures clear communication of expectations and obligations. The document typically includes detailed property requirements, territory limitations, and specific terms for the agency relationship's duration.
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1. Parties: Identifies the real estate agent/broker and the buyer, including their complete legal names, addresses, and licensing details for the agent
2. Background: Explains the context of the agreement - that the buyer wishes to engage the agent to assist in purchasing property
3. Definitions: Defines key terms used throughout the agreement including 'Property Requirements', 'Territory', 'Commission', etc.
4. Appointment and Authority: Formally establishes the agency relationship and outlines the scope of the agent's authority
5. Term of Agreement: Specifies the duration of the agreement, including start and end dates
6. Agent's Duties and Responsibilities: Comprehensive list of services the agent will provide, including property search, negotiations, and due diligence
7. Buyer's Obligations: Outlines the buyer's responsibilities, including providing accurate requirements and cooperating with the agent
8. Compensation: Details the commission structure, payment terms, and any additional fees
9. Exclusivity: States whether the agreement is exclusive or non-exclusive and the implications
10. Termination: Conditions and procedures for ending the agreement by either party
11. Confidentiality: Obligations regarding confidential information shared during the engagement
12. Governing Law: Specifies that Philippine law governs the agreement and references relevant regulations
13. Dispute Resolution: Procedures for handling disagreements between parties
14. General Provisions: Standard clauses including amendments, notices, and severability
1. Dual Agency: Required if the agent may potentially represent both buyer and seller in a transaction
2. Virtual Services: Include when the agent will provide online/virtual property viewing services
3. International Transactions: Add when the buyer is interested in international properties
4. Property Management: Include if the agent will provide property management advice or services post-purchase
5. Referral Services: Add when the agent may refer the buyer to other professionals
6. Force Majeure: Optional clause for unforeseen circumstances preventing performance
1. Schedule A - Buyer's Property Requirements: Detailed specifications of the type of property the buyer is seeking
2. Schedule B - Commission Structure: Detailed breakdown of commission calculations and payment terms
3. Schedule C - Territory: Specific geographic areas where the agent will search for properties
4. Schedule D - Excluded Properties: List of properties already known to the buyer or excluded from the agreement
5. Appendix 1 - Agent's License and Credentials: Copies of the agent's professional licenses and certifications
6. Appendix 2 - Agency Disclosure Form: Standard form required by Philippine real estate regulations
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