Commission Agreement (Real Estate)

Commission Agreement (Real Estate) Template for Hong Kong

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Key Requirements PROMPT example:

"I need a Real Estate Commission Agreement for my Hong Kong estate agency to represent the sale of a single residential property in Kowloon, with a standard 1% commission rate and an exclusivity period of 3 months starting March 1, 2025."

Document background

The Commission Agreement (Real Estate) serves as a crucial document in Hong Kong's property market, establishing the professional relationship between licensed estate agents and their clients. This agreement is essential for any property transaction where an estate agent is engaged to market, sell, or lease property in Hong Kong. It must comply with the Estate Agents Ordinance (Cap. 511) and various regulations enforced by the Estate Agents Authority, including specific requirements for commission disclosure, prescribed forms, and professional conduct. The document typically includes details about commission rates, payment triggers, service scope, and party obligations, while incorporating mandatory regulatory requirements specific to Hong Kong's real estate industry. This template is designed for both residential and commercial property transactions, adaptable for various scenarios from individual property sales to large-scale development projects.

Suggested Sections

1. Parties: Identification of the estate agent/agency and the client (property owner/vendor or purchaser)

2. Background: Context of the agreement including the property transaction and appointment of the estate agent

3. Definitions: Key terms used in the agreement including 'Property', 'Commission', 'Completion', 'Exclusive Period' if applicable

4. Appointment and Duration: Terms of the agent's appointment and duration of the agreement, including whether exclusive or non-exclusive

5. Agent's Services: Detailed description of services to be provided by the estate agent

6. Commission Structure: Commission rate, calculation method, and payment terms

7. Payment Terms: When and how commission becomes payable, including any staging of payments

8. Agent's Obligations: Legal and professional obligations of the agent under Hong Kong law and EAA regulations

9. Client's Obligations: Client's responsibilities including providing accurate information and necessary documentation

10. Termination: Circumstances and process for terminating the agreement

11. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction

Optional Sections

1. Co-broker Arrangements: Terms for sharing commission with other agents, used when co-broking is permitted

2. Multiple Properties: Additional terms for handling multiple properties, used when the agreement covers more than one property

3. Marketing Budget: Details of any agreed marketing expenses and cost allocation, used when specific marketing commitments are made

4. Post-Termination Obligations: Terms regarding commission rights after termination, used for protecting agent's interests in ongoing negotiations

5. Dispute Resolution: Mediation or arbitration procedures, used when parties want to specify alternative dispute resolution methods

6. Force Majeure: Provisions for unforeseen circumstances, used when additional protection against external events is desired

Suggested Schedules

1. Property Details: Detailed description of the property including address, lot number, and specifications

2. Commission Calculation: Detailed breakdown of commission rates and calculation methods

3. Estate Agency Agreement Form: Prescribed form required under the Estate Agents Practice Regulation

4. Property Information Form: Standard property information form required by EAA regulations

5. Marketing Plan: Detailed marketing strategy and activities (if applicable)

6. Agency Disclosure Form: Required disclosures regarding agency relationships and potential conflicts of interest

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Retail Property

Industrial Property

Property Management

Real Estate Investment

Property Services

Construction

Relevant Teams

Legal

Compliance

Real Estate

Sales

Business Development

Property Management

Operations

Contracts Administration

Risk Management

Corporate Services

Relevant Roles

Real Estate Agent

Property Manager

Real Estate Broker

Legal Counsel

Compliance Officer

Property Developer

Sales Director

Business Development Manager

Real Estate Investment Manager

Property Services Manager

Contract Administrator

Real Estate Operations Manager

Estate Agency Director

Property Consultant

Leasing Manager

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Let's create your Commission Agreement (Real Estate)

Authors

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