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This Real Estate Agreement is used by a real estate agent to outline the services they will be providing for the marketing and sale of their client's property. The agreement specifies the relationship between an agent and the client (property owner). The real estate agent is the person who will be representing in a property sale transaction. The agent will be involved in marketing the property to prospective buyers and negotiating the sale price on behalf of the property owner. In other words, the real estate agent acts as an intermediary and connects the client to the prospective buyer. The real property here refers to a land or building.
The duties of a real estate agent include advertising the property for sale, negotiating the highest possible price on behalf of the client, and working with the client to find a buyer for their property. Sometimes, the agent may double as a lawyer or have a big agency with lawyers working for the agency. In this case, the agency may also draft Property Sale Agreement, Deed of Assignment and other conveyancing documents.
Similarly, a Real Estate Agreement is different from a Service Agreement because while the Service Agreement is a contract for the provision of general services, the Real Estate Agreement outlines the terms under which the real estate agent will sell the real property for their client.
How to use this document
This document includes comprehensive details to suit the real estate agent's needs. Any party can use this form to create a comprehensive Real Estate Agent Agreement that is tailored to their individual needs. This document provides the following details, including the following:
After completing the form, it should be printed and the property owner and the agent should sign the document. Also, a copy of this receipt should be kept for record purposes. After signing the contract, the agent will be set to work to stage and find the highest possible bidder for the property.
The laws which apply to real estate agents and real estate transactions in Nigeria include:
- Estate Surveyors and Valuers (Registration, etc) Act, under which the Estate Surveyors and Valuers Registration Board of Nigeria regulate real estate surveyors and valuation in Nigeria;
- The Land Use Act, 1978, which regulates land use and ownership in Nigeria;
- Land Use Charge Law, 2018, regulates all land-based charges in Lagos State;
- Registration of Titles Law, 1935, regulates the registration of all titles in land, except mining leases and other leases specified under the Minerals Act or Petroleum Act;
- The Land Registration Law of Lagos, 2015, regulates the registration of titles in Lagos State;
- Nigerian Constitution, 1999 provides for the protection of property rights in Nigeria.
The general rules of contract also apply to this document.
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