Buyer Rep Agreement Template for Philippines

The Buyer Representative Agreement is a crucial document used in Philippine real estate transactions when a buyer wishes to engage professional representation in their property search and acquisition process. This agreement, governed by Philippine law including the Real Estate Service Act (RESA) and the Civil Code, formalizes the relationship between the buyer and their chosen real estate professional. It specifies the representative's duties, such as property search, market analysis, and negotiation support, while also outlining the buyer's obligations and compensation terms. The document is essential for protecting both parties' interests and ensuring compliance with local real estate regulations, particularly in an environment where property transactions are becoming increasingly complex and regulated.

1. Parties: Identifies and provides full details of the buyer client and the real estate professional/brokerage firm acting as buyer's representative

2. Background: Explains the context of the agreement - that the buyer wishes to engage the representative to assist in purchasing property

3. Definitions: Defines key terms used throughout the agreement including 'Property Requirements', 'Service Period', 'Compensation', etc.

4. Appointment and Scope of Services: Formally establishes the buyer's representative's appointment and details the services to be provided

5. Term of Agreement: Specifies the duration of the representation agreement and any renewal provisions

6. Representative's Obligations: Details the duties and responsibilities of the buyer's representative, including fiduciary duties under RESA

7. Buyer's Obligations: Outlines the buyer's responsibilities, including providing accurate information and cooperating with the representative

8. Compensation: Details the fee structure, payment terms, and conditions for when compensation becomes due

9. Confidentiality: Addresses the handling and protection of confidential information shared during the representation

10. Termination: Specifies the conditions and process for ending the agreement, including any notice requirements

11. Governing Law: Confirms that the agreement is governed by Philippine law and identifies relevant jurisdictions

12. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties