The Real Estate Commission Agreement Form is a crucial document in Philippine real estate transactions that formalizes the professional relationship between property owners and licensed real estate brokers. This agreement is essential when property owners seek to engage professional assistance in selling or leasing their property through a licensed broker or brokerage firm. The document must comply with the Real Estate Service Act of 2009 (RESA) and other relevant Philippine laws, incorporating specific requirements for professional licensing, commission structures, and broker obligations. It serves as a comprehensive framework detailing commission rates, payment terms, service scope, marketing commitments, and the rights and obligations of all parties involved. The agreement is particularly important in protecting both the property owner's and broker's interests by clearly defining performance expectations, commission triggers, and dispute resolution mechanisms.
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1. Parties: Identifies and provides complete details of the property owner/seller and the licensed real estate broker, including PRC license numbers
2. Background: Establishes the context of the agreement, including brief description of the property and the owner's intention to sell/lease
3. Definitions: Defines key terms used throughout the agreement including 'Commission', 'Property', 'Closing', 'Gross Sale Price'
4. Appointment and Authority: Formal appointment of the broker and scope of authority granted
5. Property Details: Comprehensive description of the property including location, title details, and selling/leasing price
6. Broker's Services: Detailed listing of services to be provided by the broker
7. Commission Structure: Clear statement of commission rates, calculation method, and payment terms
8. Payment Terms: Specifies when and how commission payments will be made, including any staging of payments
9. Term and Termination: Duration of the agreement and conditions for termination
10. Representations and Warranties: Standard declarations by both parties regarding authority, property ownership, and broker licensing
11. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
12. Execution: Signature block with formal execution requirements
1. Exclusivity: Used when the agreement is exclusive, defining the terms of exclusive representation
2. Multiple Listing Services: Include when the property will be listed on MLS or similar services
3. Co-Brokerage: Required when allowing cooperation with other brokers and splitting of commissions
4. Marketing Budget: Include when specific marketing commitments or cost-sharing arrangements are agreed
5. Performance Targets: Optional section for defining specific performance metrics or timelines
6. Post-Termination Obligations: Include when there are specific obligations or commission rights that survive termination
7. Force Majeure: Optional clause for unforeseen circumstances affecting performance
8. Dispute Resolution: Include when specific arbitration or mediation procedures are preferred
1. Schedule A - Property Details: Detailed property information including lot area, improvements, tax declarations, and certificates of title
2. Schedule B - Commission Rate Structure: Detailed breakdown of commission rates, including any sliding scales or special conditions
3. Schedule C - Marketing Plan: Detailed marketing strategy and activities to be undertaken by the broker
4. Schedule D - Broker's License and Credentials: Copies of broker's PRC license and other relevant certifications
5. Appendix 1 - Property Photos and Plans: Visual documentation of the property
6. Appendix 2 - Required Disclosures: Standard disclosures required by Philippine real estate laws and regulations
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