Listing Agreement Between Principal And Broker Template for Philippines

The Listing Agreement Between Principal And Broker is a crucial document in Philippine real estate transactions, required whenever a property owner engages a professional broker to market and sell/lease their property. This agreement is governed by the Real Estate Service Act (RESA) of 2009 and related Philippine regulations, which mandate specific requirements for broker qualifications, service standards, and client relationships. The document is used to protect both parties' interests by clearly defining the scope of services, commission terms, listing duration, and mutual obligations. It includes essential elements such as property details, marketing strategies, commission structures, and termination conditions. The agreement must comply with Philippine law requirements for real estate service practitioners and incorporate relevant consumer protection provisions.

1. Parties: Identifies the Principal (property owner) and the Licensed Real Estate Broker, including their complete details and license numbers

2. Background: Establishes the context of the agreement, including the Principal's ownership of the property and desire to engage the Broker's services

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

4. Appointment of Broker: Formal appointment of the broker and specification of whether the listing is exclusive or non-exclusive

5. Property Details: Complete description of the property being listed, including its legal description and current condition

6. Listing Terms: Specifies the listing price, listing period, and any conditions for extension or early termination

7. Broker's Services and Obligations: Details the services to be provided by the broker, including marketing efforts and showing responsibilities

8. Principal's Obligations: Outlines the property owner's responsibilities, including providing accurate information and maintaining the property

9. Commission Structure: Details the agreed commission rate, when it becomes payable, and any conditions affecting payment

10. Representations and Warranties: Statements of fact by both parties regarding their authority, the property's condition, and other material facts

11. Termination: Conditions and procedures for ending the agreement, including any penalties or continuing obligations

12. Governing Law: Specifies that the agreement is governed by Philippine law and references relevant regulations

13. Signatures: Execution block with spaces for both parties' signatures, dates, and witnesses if required