Broker’s Contract Agreement/Listing Form (Form A)
The listing agent and the seller enter into an agreement when they list a property for sale. The seller appoints an agent to identify a buyer and negotiate a contract on their behalf.
When listing a property for sale, the agent must gather all of the seller’s information, and if the property is in two or more names, the listing agreement must be signed by all owners.
The seller may cancel the listing agreement with the agent for any reason prior to the listing agent presenting the seller with a signed offer. The seller must provide the agent with seven (7) days written notice detailing the reason for termination. Form U must also be completed for a valid termination.
A seller may have a maximum of three (3) agents working on their property at the same time, according to RERA law. As a result, a seller can have three (3) active Form As at the same time.
Buyer’s Agent Agreement (Form B)
It is advisable to work with a single certified real estate agent while working with a real estate agent. A skilled realtor will be able to locate the ideal home for you depending on your requirements. This agent will exclusively represent the buyer’s interests. In this case, a buyer’s agent fills out FORM B, and the buyer(s) sign the contract.
The buyer has the right to cancel the agreement with the agency for any reason. The buyer must provide the agent with seven (7) days written notice detailing the reason for termination. Form U must also be completed for a valid termination.
Buyer’s agents are permitted to attend inspections and auctions and engage with listing agents if the necessary FORM I – Agent to Agent Agreement is completed.
Form I – Agreement Between Agents
Form I must be completed by both RERA registered agents when two agents agree to operate together. This form is intended to safeguard agent listings, agent clients, and to ensure a professional relationship between two certified RERA real estate agents.
Purchase Agreement Contract (Form F)
The purchase agreement specifies the property, its price, and the terms and conditions under which it will be purchased. This is referred to as FORM F.
The form becomes a legitimate contract only if both the buyer and the seller sign it. The agent’s signature must be witnessed and dated.
Form U – Agreement Termination Notice
Form U should be used to cancel a real estate agent agreement (Form A/Form B).