Retainer Agreements

Retainer Agreements
Buyer & Seller Retainer Agreement templates are provided to our members for the protection of both the client and lawyer. This document details all the actions and services the client wishes the lawyer to conduct on his/her behalf, and the costs involved.

Fee negotiations and arrangements are left entirely to the lawyer and client, allowing for flexibility and customization.  There are no set fees or commissions with The Network. Once terms have been agreed upon and written into the document, and prior to conducting any business, the client signs the retainer agreement.

What professional conduct considerations have been canvassed in relation to the template agreeements? 
The Law Society Ethics Committee reviewed certain aspects of the agreements for the Network in December 2001, specifically in relation to lawyers charging placement fees to buyers and accepting finders' fees for financing.  The Committee was satisfied that the agreements would not violate Chapter 6, Rule 8 of the Professional Conduct Handbook (Finders' fees), given that all finders' fees and brokerage fees are disclosed to and approved by a client, and paid to the client's credit.  In the Committee's view, a buyer's agreement could properly allow for the buyer to pay a fee to his or her lawyer based on a percentage of the purchase price without violating Chapter 7, Rule 1 of the Handbook (Acting when the lawyer has an interest in the matter) as a lawyer is always under an obligation to minimize costs for a client.