Commercial Listing Agreement Template for Philippines

The Commercial Listing Agreement is a crucial document in Philippine real estate transactions, used when property owners seek professional assistance in marketing and selling or leasing their commercial properties. This agreement, regulated by the Real Estate Service Act (RESA Law) and other Philippine legislation, establishes the formal relationship between the property owner and the licensed real estate broker. It is particularly important in the Philippine context where real estate transactions must comply with specific regulatory requirements, including proper licensing and documentation. The agreement typically includes detailed provisions about the property, marketing approach, commission structures, and the parties' respective rights and obligations. It serves as the foundational document for the professional relationship and helps ensure compliance with local real estate practices and regulations.

1. Parties: Identifies the Property Owner/Landlord and the Licensed Real Estate Broker/Brokerage Firm, including their complete details and license numbers as required by RESA Law

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

3. Definitions: Defines key terms used throughout the agreement including Property, Listing Period, Commission, and other relevant terms

4. Appointment and Authority: Grants exclusive or non-exclusive rights to the broker to market and list the property

5. Property Details: Comprehensive description of the property including location, size, type, and relevant features

6. Listing Terms: Specifies asking price or rental rate, listing duration, and any specific conditions for the listing

7. Broker's Obligations: Details the services to be provided by the broker including marketing, showing the property, and handling inquiries

8. Owner's Representations and Warranties: Owner's declarations regarding property ownership, authority to sell/lease, and property condition

9. Commission Structure: Detailed breakdown of commission rates, payment terms, and conditions for commission earning

10. Term and Termination: Duration of the agreement and conditions for early termination

11. Governing Law and Dispute Resolution: Specifies Philippine law as governing law and outlines dispute resolution procedures

12. Signatures: Execution block for all parties including witnesses as required by Philippine law