The Real Estate Mediation Agreement consists of a document whereby the mediation company (real estate agency) undertakes, through an agreed remuneration and on behalf of the client, to seek interested parties for the purchase, sale, exchange, transfer, lease or assignment of positions in contracts having as object real estate
The remuneration is only due to the mediation company if the sale of the property has been carried out or, a promissory purchase and sale contract has been signed and the mediation contract provides for remuneration at this stage.
The Real Estate Mediation Agreement must always be concluded in writing and mention several elements, including those set out in article 16 of Decree-Law no. 15/2013 (which regulates real estate mediation activity):
The contract will be valid for the term agreed between both parties, the most usual duration being 6 months (periods of 3 or 12 months are also common) and automatically renewed for a similar period (if not canceled by one of the parties with due anticipation). If the term of the contract is not mentioned in it, it is considered that it was concluded for a period of 6 months.
It is the responsibility of the mediating company (holder of a Real Estate Mediation License) to prepare the CMI, subject to the specifications imposed by the legislation in force, and may present particular contractual clauses, provided that they have been previously approved by IMPIC - Instituto dos Mercados Públicos of Real Estate and Construction . According to Article 3 of Decree-Law No. 102/2017, if the mediation company uses the contract model with general contractual clauses, it does not need prior approval by IMPIC.