Agreement Between Builder and a Broker for Selling Flats to Be Constructed (India) by OLL
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Agreement between Builder and a Broker for Selling the Flats to be constructed
THIS AGREEMENT
made at .................. on this ............... day of ....................., 2000,
between ABC Construction Co. Ltd.,
a company incorporated under the Companies Act, 1956 and having its registered office at .......................
hereinafter called 'the Builder"
(which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the ONE PART;
and
Shri XYZ son of Late Shri............................
resident of ........................
hereinafter called "the Broker" (which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include his heirs, legal representatives, executors and administrators) of the
Other Part
Where as The builder is constructing residential flats at ................. more particularly described in the Schedule hereunder written; and wants to sell those flats and for the said purpose the services of the brokers are required.and Whereas the broker has approached the builder and expressed his consent to act as broker for the sale of the flats on the terms and conditions mutually agreed upon.
Now This Agreement Witnesses As Follows:
1. The builder appoints the broker for selling the flats being constructed by him, more particularly described in the Schedule hereunder written at the price and on the terms and conditions laid down in Annexure 1 to this agreement
2. The broker will be entitled to the commission at the rate of 5 per cent on the cost of the flats booked by him.
3. The builder hereby represents and warrants that he is having clear and marketable title to the flats, free from any encumbrance, charge, lien, mortgage or attachment. The builder also represents and warrants that the material used in the flats is of best quality.
4. The builder hereby gives the period of six- months hereof for the sale of the flats described in the Schedule hereunder written and he shall not be authorised to sell the flats after the period of six months.
In Witness Where of the parties have set their respective hands to these presents on the date, month and year hereinabove written.
Schedule
Annexure 1
Signed and delivered by ABC Construction Co. Ltd. through the hands of Shri..............................
Managing Director
Signed and delivered by XYZ
WITNESSES;
1.
2.
This template outlines an agreement between a construction company and a real estate broker for the sale of residential flats under construction. It specifies the broker's commission rate, the duration of the appointment, and warranties regarding the property's title and construction quality.
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About this template
What is this template?
This is a fixed-term agency agreement between a builder and a broker specifically for residential flat sales. It is not an employment contract or a power of attorney; it lacks any provisions for exclusive rights or territorial restrictions.
When should you use it?
Use this when a builder wants to outsource the sale of specific flats to a third-party agent on a commission basis. Use a Real Estate Referral Agreement instead if the agent is only providing leads without managing the booking process.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Appointment of Broker | The Builder appoints the Broker to sell flats described in the Schedule at prices defined in Annexure 1. |
| 2 | Commission | The Broker earns a commission of 5 per cent on the total cost of each flat booked by them. |
| 3 | Representations and Warranties | The Builder warrants clear marketable title free from encumbrances and guarantees that all materials used are of best quality. |
| 4 | Duration of Agency | The Broker is authorized to sell the flats for a period of six months from the date of the agreement. |
Who it's for
- an Indian construction company engaging an individual agent to sell units in a new residential development
- a real estate broker seeking a 5 per cent commission on flat bookings for a specific six-month period
How long it runs and how it's signed
Law it's drafted under
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