Agreement between a Firm and a Broker for Agency (India) by OLL
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Agreement between a Firm and a Broker for Agency
This Agreement made on the…………………..day of……………..BETWEEN AB, etc., a firm carrying on the business of building contractors at…………….(hereinafter called the firm) of the one part and CD, etc. (hereinafter called the broker ) of the other part.
Whereas the firm wants to sell the property described in the Schedule hereto and for the said purpose the services of the broker are required.
And Whereas the said broker has shown his willingness to accept the agency for the sale of the said property described in the Schedule hereto.
And Whereas the firm has accepted to pay to the broker the present rat of commission of 1 per cent. Of the sale price.
Now Therefore This Agreement Witnesses as follows :
1. The firm hereby gives the broker for a period of three months thereof the right to sell the property described in the Schedule hereto at the price and on the terms and conditions hereinafter contained in this agreement.
2. The broker is hereby authorised to sell the property on he price of Rs. 1,00,000 and out of this consideration the purchaser shall pay Rs.20,000in advance as earnest money and the balance of Rs.80,000 shall be paid within a month hereof before the Registrar at the time of registration of the sale-deed.
3. The broker shall be authorised to sell the property at the price of Rs.1,00,000 and on other terms and conditions that may be acceptable to the firm.
4. The firm hereby represents and warrants that the details of the property as described in the Schedule hereto are true and correct and the said property is free from all encumbrances.
5. The firm hereby undertakes to deliver to the purchaser, within a reasonable time, as abstract of title showing that the firm is the owner of the property and the said property is free from all encumbrances.
6. The firm hereby agrees that the sale-deed to be executed by the firm shall be a full covenant warranty deed free from all encumbrances.
In Witness Whereof, Etc.
Schedule of Property
This agreement establishes a three-month agency relationship where a brokerage firm is authorized to sell a specific property on behalf of a construction firm. It outlines the sale price, earnest money requirements, commission rates, and the firm's obligation to provide a clear title.
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About this template
What is this template?
This document is a real estate agency agreement for the sale of specific property. It contains a detailed Schedule of Property, a set commission rate of 1 per cent, and specific payment milestones involving a Registrar. It is not a sale deed or a general power of attorney.
When should you use it?
Use this when a property owner wants to hire a professional broker to find a buyer under a strictly timed three-month mandate. Use a Sale Deed instead when the actual transfer of ownership occurs before the Registrar.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Right to Sell | Grants the broker the right to sell the property described in the Schedule for a fixed period of three months. |
| 2 | Price and Payment Terms | Authorises a sale price of Rs. 1,00,000, requiring Rs. 20,000 as earnest money and the remainder within one month at registration. |
| 4 | Representation and Warranties | The firm warrants that the property details in the Schedule are accurate and the land is free from all encumbrances. |
| 5 | Abstract of Title | The firm must deliver an abstract of title to the purchaser within a reasonable time to prove ownership. |
| 6 | Covenant Warranty Deed | Obliges the firm to execute a full covenant warranty deed free from all encumbrances at the time of sale. |
Who it's for
- a building contractor firm appointing a broker to sell scheduled property for a 1 per cent commission
- a broker in India seeking a fixed three-month agency period to sell a property for Rs. 1,00,000
How long it runs and how it's signed
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