The Buyer Agent Exclusive Agreement is a fundamental document in U.S. real estate transactions that protects both the buyer's and agent's interests during the property purchase process. This agreement is typically used when a serious buyer wants dedicated representation in their property search and requires the full services of a real estate professional. The document sets clear expectations by detailing the scope of the agent's services, establishing exclusive representation rights, and defining compensation structures. It includes state-mandated disclosures, compliance with federal fair housing laws, and specific terms regarding the duration of the relationship. The agreement is particularly important in competitive real estate markets where having dedicated representation can be crucial for successful property acquisition.
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1. Parties: Identifies the buyer(s) and the real estate agent/broker, including license numbers and contact information
2. Background: Brief context explaining the buyer's intention to purchase property and desire to engage the agent's services
3. Definitions: Key terms used throughout the agreement including 'Exclusive Right', 'Property Requirements', 'Purchase Price Range', and 'Territory'
4. Appointment of Agent: Formal designation of the agent as the buyer's exclusive representative
5. Term of Agreement: Duration of the exclusive agreement, including start and end dates
6. Agent's Obligations: Detailed list of services the agent agrees to provide, including property search, showings, and negotiations
7. Buyer's Obligations: Buyer's commitments, including working exclusively with the agent and providing necessary information
8. Compensation: Details of the agent's commission structure, including rate and payment terms
9. Agency Relationships: Mandatory disclosure of agency relationships as required by state law
10. Termination: Conditions and process for ending the agreement
11. Dispute Resolution: Process for handling disagreements, including mediation or arbitration provisions
12. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments
1. Dual Agency Consent: Required if the brokerage may represent both buyer and seller in a transaction
2. Property Requirements: Detailed section specifying buyer's criteria when searching for specific types of properties
3. Protection Period: Post-termination period during which the agent may still be entitled to compensation
4. Teams and Assistants: Required when the agent works with a team and wants to specify who may assist with the representation
5. Virtual Services: Added when services may be provided remotely or electronically
6. REO/Short Sale Provisions: Required when buyer is specifically interested in distressed properties
1. Schedule A - Buyer's Property Requirements: Detailed list of buyer's desired property characteristics, location preferences, and price range
2. Schedule B - Agent's Services: Comprehensive list of specific services included in the representation
3. Schedule C - Commission Structure: Detailed breakdown of commission rates for different types of transactions
4. Appendix 1 - State-Mandated Disclosures: Required state-specific real estate agency disclosure forms
5. Appendix 2 - Fair Housing Notice: Mandatory fair housing information and compliance statement
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Financial Services
Legal Services
Property Development
Professional Services
Construction
Insurance
Relevant Teams
Legal
Real Estate Operations
Compliance
Risk Management
Property Acquisition
Contract Administration
Transaction Processing
Client Services
Document Management
Relevant Roles
Real Estate Agent
Real Estate Broker
Buyer's Agent
Managing Broker
Real Estate Attorney
Compliance Officer
Contract Administrator
Real Estate Transaction Coordinator
Property Acquisition Manager
Real Estate Operations Manager
Legal Counsel
Risk Management Officer
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