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Buyer Rep Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Buyer Rep Agreement

"I need a Buyer Rep Agreement for a Saudi-based tech company looking to acquire commercial properties in Riyadh, with an exclusive representation period until June 2025 and specific provisions for multiple property acquisitions."

Document background
The Buyer Representation Agreement is a crucial document used in Saudi Arabian real estate transactions when a buyer seeks professional assistance in property acquisition. This agreement formally establishes the relationship between the buyer and their chosen representative, detailing the scope of authority, services to be provided, and compensation terms. The document is essential in the Saudi Arabian market where property transactions must comply with both civil law regulations and Sharia principles. It protects both parties by clearly defining roles, responsibilities, and expectations while ensuring compliance with local real estate regulations, including recent reforms in the Saudi property market. The agreement typically includes provisions for property search criteria, negotiation authority, due diligence requirements, and confidentiality obligations, all within the framework of Saudi Arabian law and market practices.
Suggested Sections

1. Parties: Identification of the buyer's representative and the buyer, including full legal names, addresses, and registration details where applicable

2. Background: Context of the agreement, including the buyer's intention to acquire property and the representative's qualifications

3. Definitions: Key terms used throughout the agreement, including specific real estate and Saudi legal terminology

4. Appointment and Scope of Services: Formal appointment of the representative and detailed description of services to be provided

5. Term and Termination: Duration of the agreement and circumstances under which it may be terminated

6. Representative's Obligations: Detailed responsibilities including property search, negotiations, due diligence, and compliance with Saudi regulations

7. Client's Obligations: Buyer's responsibilities including providing accurate information, cooperation, and timely decisions

8. Fees and Payment Terms: Compensation structure, payment schedule, and terms compliant with Sharia principles

9. Confidentiality: Obligations regarding confidential information and client privacy

10. Compliance with Laws: Commitment to comply with Saudi laws, regulations, and Sharia principles

11. Liability and Indemnification: Extent of representative's liability and mutual indemnification provisions

12. Notices: Process and requirements for formal communications between parties

13. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes

Optional Sections

1. Exclusivity: Terms of exclusive representation, used when the buyer agrees to work solely with this representative

2. International Transactions: Additional provisions for international buyers or cross-border transactions

3. Property Type Specifications: Specific terms related to commercial, residential, or industrial property searches

4. Force Majeure: Provisions for unforeseen circumstances preventing performance

5. Anti-Money Laundering Compliance: Detailed AML procedures when dealing with high-value transactions or international clients

6. Electronic Communications: Terms for digital communication and document execution when parties agree to conduct business electronically

7. Language: Provisions regarding official language and translations when dealing with non-Arabic speaking clients

Suggested Schedules

1. Schedule 1: Service Fee Structure: Detailed breakdown of fees, commissions, and payment terms

2. Schedule 2: Scope of Services: Comprehensive list of specific services to be provided by the representative

3. Schedule 3: Property Requirements: Detailed specifications of the type of property sought by the buyer

4. Schedule 4: Required Documents: List of documents required from both parties for compliance and due diligence

5. Appendix A: Power of Attorney Template: Standard form for granting specific powers to the representative when required

6. Appendix B: Client Due Diligence Forms: KYC and compliance documentation templates

7. Appendix C: Property Viewing Report Template: Standard form for documenting property viewings and buyer feedback

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

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Relevant Industries

Real Estate

Commercial Property

Residential Property

Industrial Property

Retail Property

Hospitality

Healthcare Facilities

Educational Facilities

Mixed-use Development

Islamic Finance

Professional Services

Relevant Teams

Real Estate

Legal

Compliance

Investment

Client Relations

Business Development

Property Management

Transaction Advisory

Due Diligence

Islamic Finance

Risk Management

Relevant Roles

Real Estate Agent

Property Consultant

Real Estate Broker

Investment Advisor

Legal Counsel

Compliance Officer

Property Manager

Real Estate Director

Investment Manager

Client Relationship Manager

Business Development Manager

Real Estate Analyst

Transaction Manager

Chief Investment Officer

Head of Real Estate

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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