The Buyer Representation Agreement Form is a fundamental document in Philippine real estate transactions, designed to formalize the professional relationship between property buyers and licensed real estate brokers. This agreement is essential when a buyer seeks professional representation in their property search and acquisition process, whether for residential or commercial purposes. The document complies with the Real Estate Service Act (RESA) of 2009 and other relevant Philippine regulations, incorporating mandatory provisions for broker licensing, service scope, and client protection. It typically includes detailed terms about the broker's duties, compensation structure, exclusivity arrangements, and the specific services to be provided. The agreement is particularly important in the Philippine context, where real estate transactions require careful documentation and compliance with strict regulatory requirements to protect all parties involved.
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1. Parties: Identifies the buyer(s) and the real estate broker/agency, including their complete legal names, addresses, and license details (for the broker)
2. Background: Brief context explaining the buyer's intention to engage the broker's services in finding and purchasing property
3. Definitions: Defines key terms used throughout the agreement, including 'Property Requirements,' 'Exclusive Representation,' 'Commission,' etc.
4. Scope of Services: Details the specific services the broker will provide, including property search, negotiations, and assistance through closing
5. Term of Agreement: Specifies the duration of the representation agreement, including start and end dates
6. Broker's Obligations: Lists the broker's duties, responsibilities, and standard of care owed to the buyer
7. Buyer's Obligations: Outlines the buyer's responsibilities, including providing accurate information and cooperating with the broker
8. Compensation: Details the broker's commission structure, payment terms, and conditions for earning the commission
9. Exclusivity: States whether the agreement is exclusive or non-exclusive and the implications thereof
10. Termination: Specifies the conditions under which either party may terminate the agreement and the consequences
11. Confidentiality: Addresses the handling of confidential information shared during the representation
12. Governing Law: Confirms that the agreement is governed by Philippine law and specifies the jurisdiction
13. Execution: Signature block and execution details for all parties
1. Multiple Buyers: Additional terms when representing multiple buyers jointly, defining their relationships and obligations
2. International Transactions: Special provisions for foreign buyers or international property transactions
3. Virtual Services: Terms governing virtual property viewings and online services when applicable
4. Specific Property Interest: Used when the buyer has already identified specific properties of interest
5. Team Representation: Additional terms when multiple brokers or team members will be involved in representing the buyer
6. Force Majeure: Provisions for unforeseen circumstances that may affect the agreement's performance
7. Dispute Resolution: Optional mediation or arbitration provisions before pursuing legal action
1. Schedule A - Property Requirements: Detailed list of buyer's property preferences, requirements, and limitations
2. Schedule B - Commission Structure: Detailed breakdown of commission calculations and payment terms
3. Schedule C - Excluded Properties: List of properties excluded from the agreement, if any
4. Schedule D - Broker's Team Members: List of licensed professionals who may assist in representing the buyer
5. Appendix 1 - Required Documents: Checklist of documents the buyer needs to provide
6. Appendix 2 - Service Level Agreement: Detailed description of service standards and response times
7. Appendix 3 - Privacy Policy: Detailed privacy and data protection policies in compliance with the Data Privacy Act
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