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Termination Of Buyer Agency Agreement Form for Malaysia

Termination Of Buyer Agency Agreement Form Template for Malaysia

A legal document governed by Malaysian law that formally terminates the professional relationship between a property buyer and their appointed real estate agent or agency. This document complies with the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 and related Malaysian regulations. It outlines the termination terms, settles any outstanding obligations, addresses commission matters, and provides mutual release from future obligations while protecting both parties' rights under Malaysian law. The document includes provisions for the return of materials and settlement of any pending matters.

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What is a Termination Of Buyer Agency Agreement Form?

The Termination Of Buyer Agency Agreement Form is a crucial document used in Malaysian real estate transactions when either the buyer or the real estate agent wishes to end their professional relationship before its natural conclusion or upon mutual agreement. This document is essential in the Malaysian property market and must comply with the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 and the Board of Valuers, Appraisers, Estate Agents and Property Managers Rules 1983. It provides a clear record of the termination, addresses outstanding obligations, commissions, and property viewings, and ensures both parties are legally protected. The form is particularly important in situations where the original buyer agency agreement needs to be terminated due to changed circumstances, dissatisfaction with services, or completion of the intended property search.

What sections should be included in a Termination Of Buyer Agency Agreement Form?

1. Parties: Identification of the principal (buyer) and the real estate agent/agency, including full legal names, registration numbers (for agents), and contact details

2. Background: Brief reference to the original Buyer Agency Agreement, including its date of execution and any relevant reference numbers

3. Definitions: Key terms used in the termination agreement, including references to the original agreement and any specific terms related to the termination

4. Termination Statement: Clear statement of termination, specifying the effective date of termination and mutual agreement of both parties

5. Release of Obligations: Statement releasing both parties from future obligations under the original agreement, subject to any surviving terms

6. Settlement of Accounts: Declaration regarding any outstanding fees, commissions, or reimbursements due to the agent

7. Return of Materials: Provisions for the return of any documents, keys, or materials related to potential property purchases

8. Execution: Signature blocks for all parties, including dates and witness provisions

What sections are optional to include in a Termination Of Buyer Agency Agreement Form?

1. Surviving Obligations: Used when certain provisions of the original agreement need to survive the termination, such as confidentiality obligations or commission provisions for pending transactions

2. Dispute Resolution: Include when parties want to specify how any future disputes relating to the termination will be handled

3. Non-Solicitation: Used when parties wish to include restrictions on future business relationships

4. Governing Law: Include when dealing with inter-state transactions or when specific jurisdiction needs to be clarified

5. Severability: Include when parties want to ensure that the invalidity of any provision doesn't affect the entire termination agreement

What schedules should be included in a Termination Of Buyer Agency Agreement Form?

1. Schedule A - Original Agreement Details: Copy or summary of the key terms from the original Buyer Agency Agreement

2. Schedule B - Outstanding Transactions: List of any pending property viewings, offers, or negotiations at the time of termination

3. Schedule C - Financial Settlement: Detailed breakdown of any financial settlements, including outstanding fees or commission calculations

4. Appendix 1 - Property Records: List of properties shown or discussed during the agency period that may be subject to future commission claims

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

Jurisdiction

Malaysia

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions



















Clauses

















Relevant Industries

Real Estate

Property Development

Legal Services

Property Investment

Real Estate Management

Residential Property

Commercial Property

Property Consultancy

Relevant Teams

Legal

Real Estate

Compliance

Contract Administration

Property Management

Document Control

Risk Management

Client Relations

Relevant Roles

Real Estate Agent

Property Consultant

Legal Counsel

Contract Manager

Real Estate Manager

Property Buyer

Compliance Officer

Real Estate Director

Property Investment Manager

Legal Administrator

Real Estate Broker

Agency Principal

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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