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BUYER AGENCY AGREEMENT
1.
Salesperson's Duties: ____________________of
____________________, agrees to represent the
undersigned Buyer, to exercise due diligence in locating
a property acceptable to Buyer, and to help the Buyer in
negotiating for the purchase of such property on terms
and conditions acceptable to Buyer.
2.
Disclosure Issues:
Separate
____________________ Franchises and Companies:
It is understood that ____________________ is a trade
name which is used by a variety of separate companies
which are independently licensed and are entirely
different legal entities. In most cases a
____________________ listing with another
____________________ company is not under a contractual
agreement with this company. In which case, your
interests, were this salesperson to present an offer in
your behalf, will be exclusively represented by this
salesperson/company.
Listings Within This Company: In the event Buyer is
shown or assisted in the offering of a
______________________________ ("in-house") listing,
then Buyer and Seller shall be advised of the
relationship and both listing and selling
representatives are authorized to be Consensual Dual
Agents. Buyer understands and agrees that with
Consensual Dual Agency the salespeople represent both
the Buyer and the Seller and will facilitate the
transaction between them. Salespeople will not reveal
confidential or privileged information they gained while
working on behalf of one party to the other including,
but not limited to financing information, motivation,
price, terms, negotiating strategies or other private
matters. This relationship does not alter the seller's
responsibility to disclose material defects to the
Buyer. Buyer waives any conflict of interest claims
arising from this Consensual Dual Agency relationship.
Company will receive from Seller a commission based on
the purchase price and paid in accordance with the
Seller's listing agreement.
Seller's Subagency Relationship Already Established:
In the event buyer is shown or assisted in the
offering of a property where that salesperson has
previously participated in the representation of the
seller/property in a subagency capacity (i.e. obtained
confidential information or negotiated an offer on the
property), then a signed CHANGE OF AGENCY
AUTHORIZATION is recommended, reflecting alternate
Buyer/Seller elections.
3.
Release of Property: ____________________is
authorized to show at any time any property introduced
to buyer, to other prospects and to present and
negotiate offers on said properties without claim of
conflict by buyer.
4.
Inspections: Buyer understands that saleperson
is not an expert on matters of structural integrity,
hazardous substances, property boundaries, square
footage, electrical systems, and other areas requiring
specialty expertise. Salespeople may give opinions
about the property, but be mindful that these are
personal opinions. Generally, every home is likely to
have some deficiencies-some more than others. When
considering buying a home, it is recommended that you
have the home independently inspected by professionals
of your own choice. This inspection should also
identify the potential for the presence of potentially
hazardous substances. Having this inspection done will
insure that someone who is working on your behalf has
made an independent assessment of the property to enable
you to make a more informed decision.
5.
Brokerage Fee/Commission: Buyer agrees to pay
Company as compensation for services to be rendered
hereunder, a fee in the amount specified below, if (1)
within six months of the date of this agreement and
through the efforts of salesperson, buyer enters into an
agreement for the purchase of property, or (2) within
six months after salesperson has brought to Buyer's
attention a property. Buyer enters into a binding and
enforceable agreement for the purchase of such
property. For the purpose of this agreement, the term
"purchase" also includes: a contract to purchase or
exchange; a lease with option to purchase; an option to
purchase, or assignment of any of these rights.
Brokerage fee shall be payable on the closing of such
purchase or an assignment of these rights to purchase,
or upon Buyer's default. If a transaction fails to
close because of any fault on the part of Buyer, fee
described above shall be immediately due and payable, if
seller or lessor fail to close through no fault of Buyer
the fee shall be waived.
Amount of Fee: (1) With respect to property listed
with a real estate company, Brokerage fee shall be equal
to the rate of the selling office commission, as
published through the multiple listing service,
multiplied by the purchase price. (2) With respect to
property not listed with a real estate company,
Brokerage fee shall be as follows:
(a)
(percent of the list/asking price) or ___________
(b) For lease/rental_______(if
lease purchase/option, then upon exercise of purchase or
option, above schedules will apply.
Payment of Fee: Buyer is responsible for payment of
Brokerage Fee. However, it is contemplated that any
offer to purchase submitted by Buyer will provide that
the Seller will pay the Company an amount equal to the
published selling office commission. Any amount that
the seller agrees to pay to Company shall be credited
against Brokerage fee hereunder.
6.
Attorney's Fees: In the event that legal action
is commenced to enforce this Agreement, the prevailing
party shall be entitled to attorney's fees and courts
costs.
7.
Termination: This agreement expires
____________. Buyer may cancel this contract
by written notice of termination and reimbursement to
Company of all expenditures reasonably incurred pursuant
to this contract or arising out of fee obligations noted
in paragraph 5, and subject to the provisions of
paragraph 8, if applicable. If Salesperson gives
written notice of termination of this contract to the
Buyer, Buyer shall be under no obligation to Company
except for obligations existing at the time of
termination.
8. OPTIONAL
CLAUSES-Buyer's signature will activate these clauses as
a part of this agreement.
Exclusive Right To
Represent
Buyer appoints
____________________ as Buyer's exclusive
representative. Buyer agrees to conduct all
negotiations for property through above named
salesperson during the term of this agreement.
Salespeople will be compensated by Buyer or any person
acting in buyer's behalf meets the terms of paragraph 5
above
_________________
___________________
Buyer's Signature
Buyer's Signature
Retainer
Buyer agrees to, and
salesperson receipts payment of, a retainer fee of
$_____________________ payable to _______________
_______________, on the signing of this agreement. Fee
will be deposited in the companies trust account. Fee
to be credited towards any compensation
salesperson/company earns under this agreement. If no
compensation is secured per #5 of this agreement, then
upon termination of this agreement, fee will be
retained.
__________________
____________________
Buyer's
Signature Buyer's Signature
________________________________
Broker's or Authorized
Signature
9.
Legal Advice:
Buyer understands that
this agreement and an earnest money agreement affect
Buyer's legal rights Salesperson is not licensed to
practice law and cannot give legal advice. Buyer has
been informed of the advisability of obtaining
independent legal representation before signing an
earnest money agreement.
Buyer has read and approves this Agreement and hereby
acknowledges receipt of a copy.
____________________________ __________________
Buyer
Date
____________________________ __________________
Buyer
Date
_____________________________ ___________________
Broker's or
Authorized Signature Date
Copyright
Royse and Associates 1997
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