Are you looking to buy or sell a property in Malaysia? If so, you will need to be familiar with the CEA Prescribed Estate Agency Agreement.
The CEA Prescribed Estate Agency Agreement is a standardized agreement that details the terms and conditions of the relationship between a property agent and their client. It is regulated by the Malaysian Council of Estate Agency (CEA), which oversees the real estate industry in the country.
This agreement is essential to ensure that both parties, the property agent and the client, understand their obligations and responsibilities. It sets out the scope of the agent’s services, details their fees, and outlines the terms of the agreement.
The agreement is based on the Real Estate and Housing Developers’ (Control and Licensing) Regulations 1989, which mandate that all estate agents must use a standard agreement when providing their services.
The CEA Prescribed Estate Agency Agreement is divided into several sections, including:
1. Introduction and Background: This section provides some basic information about the property agent and the client.
2. Appointment of Estate Agent: This section outlines the nature of the relationship between the property agent and the client, including the scope of services to be provided.
3. Obligations of Estate Agent: This section details the agent’s duties, including their responsibilities to provide accurate information to the client and to act in the client’s best interests.
4. Obligations of the Client: This section outlines the client’s responsibilities, including providing accurate information to the property agent and cooperating with them during the sale or purchase process.
5. Fees and Charges: This section details the property agent’s fees, including commission, advertising costs, and any other charges.
6. Termination and Expiry: This section outlines the circumstances under which the agreement can be terminated, as well as the expiration date of the agreement.
7. Other Provisions: This section includes any additional terms and conditions that the property agent and the client may agree to.
In conclusion, the CEA Prescribed Estate Agency Agreement is an essential document for anyone looking to buy or sell a property in Malaysia. It provides clarity and transparency about the relationship between the property agent and the client, and ensures that both parties understand their obligations and responsibilities. If you are planning to engage the services of a property agent, make sure to review and understand the terms and conditions of the agreement before signing.