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Buyer Representation Agreement

BY THIS AGREEMENT, {{billing_first_name}} {{billing_last_name}} (hereafter referred to as the ‘Buyer’) of {{billing_address_1}} {{billing_address_2}}, {{billing_city}} retains and employs the services of AFRIHOOD DEVELOPMENT COMPANY a company duly incorporated in Nigeria with its registered address at 7th Floor, Mulliner Towers, 39 Alfred Rewane Road, Ikoyi - Lagos (hereafter referred to as ‘the Company’ or ‘Afrihood’ ) exclusively to locate real property acceptable to Buyer, for the fees and subject to the conditions as provided in this Agreement, and Buyer and the Company agree as follows:

1. Definitions And Interpretation:
For the purposes of this Agreement “Buyer” includes purchaser, and “seller” includes a vendor, or a prospective seller. A purchase shall be deemed to include the entering into of any agreement to exchange, or the obtaining of an option to purchase which is subsequently exercised. This Agreement shall be read with all changes of gender or number required by the context. For purposes of this Agreement, Buyer shall be deemed to include any spouse, heirs, executors, administrators, successors, assigns, related corporations and affiliated corporations. Related corporations or affiliated corporations shall include any corporation where one half or a majority of the shareholders, directors or officers of the related or affiliated corporation are the same person(s) as the shareholders, directors, or officers of the corporation introduced to or shown the property.

2. Purpose:
The buyer shall retain the services of Afrihood to assist in the acquiring of real property through; purchase or exchange (all or any of which is referred to as an “Acquisition”). The buyer retains the sole and absolute right to determine the acceptability of the property as requested from Afrihood's website and subsequently delineated in the E-mail sent to buyer.

3. Term:
This Agreement shall take effect from {{order_date}} and expires 12 months from the date this agreement took effect, or on the day of completion of the Acquisition of the Property, whichever is later.

4.   Afrihood covenants to;
a.   Use reasonable efforts to locate through the multiple listing services and Afrihood’s network of agents, a property acceptable to the buyer.
b.   Work in the Buyer’s best interest and perform the fiduciary duties owed by an agent, including: obedience to lawful directions, loyalty, disclosure of material information, confidentiality, accountability and reasonable care.
c.   Assist Buyer with other aspects of the transaction, including coordination of inspections, securing a Mortgage and other relevant services.
iv.   Refrain from disclosing financial information about Buyer to Seller or Seller’s agent, except as reasonably required to establish Buyer’s financial qualification.

5.   The buyer covenants to;
a.   Work exclusively with Afrihood during the Term and conduct all negotiations for Acquisitions through Afrihood (Buyer represents that they are not bound by any agreement, such as, a buyer representation agreement with another broker, the provisions of which are inconsistent with the provisions of this Agreement). Buyer further agrees to refer all potentially acceptable real property to Afrihood during the term of this Agreement and agrees to notify all other real estate agents who communicate with Buyer of Afrihood’s exclusive agency relationship with Buyer.
b.   Cooperate with Afrihood in providing personal information necessary to evaluate Buyer’s needs and qualifications and in scheduling appointments for showings.
c.   Provide Afrihood with Pre-Approval letter from a qualified mortgage provider or secure a Pre-Approval with Afrihood’s help within 10 working days of the execution of this Agreement, should the buyer require mortgage for this Acquisition.

6.   Compensation:
a.   Engagement Fee: The buyer shall pay Afrihood an engagement fee of ( {{order_total}} ) upon execution of this Agreement as compensation for search, advisory, Inspection facilitation and documentation, the engagement fee is non-refundable.
b.   Success Fee: Where Afrihood is able to connect the buyer with a seller and the buyer executes an agreement with the seller; Afrihood shall be compensated as follows:
i.   The buyer shall pay an agency fee of 5% of the Purchase price in the case of a purchase.
ii.   Compensation shall be due Afrihood as provided in (i) above, as to Acquisitions completed by the buyer, where a property shown to the buyer during the term of this agreement is later purchased by the buyer within 365 days following the end of the term, the provisions of this agreement prescribe that compensation be paid to Afrihood after the end of such term (Compensation Survives the end of term).

7. Disclaimer:
Afrihood is retained solely as a real estate broker and not as an attorney, lender, appraiser, surveyor, structural engineer, home inspector or other professional service provider. The buyer is Advised to seek professional advice from qualified and professional service providers to attend to and answer any enquiries the buyer may have regarding transactions. The buyer agrees that Afrihood and her sales agents shall not be liable for disclosing to the buyer any information received from a seller, listing agent, municipality or other source that is inaccurate, unless Afrihood had firsthand knowledge that such information was inaccurate when it made such disclosure.

8. Equal Opportunity:
Afrihood and the buyer agree to abide by all applicable fair housing laws.

9. Electronic Communication
This Agreement and any other agreement(s), notice or other communication contemplated thereby may be transmitted by means of electronic systems, in which case signatures shall be deemed to be original. The transmission of this Agreement by the Buyer by electronic means shall be deemed to confirm the Buyer has retained a true copy of the Agreement.

10. Modification:
Any modification or alteration to this Agreement must be in writing, signed and dated by all parties. This Agreement constitutes the entire agreement between the parties. Any prior agreements, whether oral or written, have been merged and integrated into this Agreement.

Olufemi Shield
Managing Consultant

(Authorized to bind the Company)

THIS AGREEMENT HAS BEEN READ AND FULLY UNDERSTOOD BY ME AND I ACKNOWLEDGE THIS DATE I HAVE SIGNED UNDER SEAL. Any representations contained herein are true to the
best of my knowledge, information and belief.
SIGNED, SEALED AND DELIVERED I have hereunto set my hand and seal:

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Signed by Afrihood Development Company Limited
Signed On: February 26, 2024

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August 30, 2023 6:00 pm WAT

Buyer Representation Agreement Uploaded by Afrihood Development Company Limited - [email protected] IP 197.253.28.22