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VIRGINIA
EXCLUSIVE RIGHT TO REPRESENT BUYER AGREEMENT
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| (Comments and
annotations to this agreement appear in RED
and are not part of this agreement, but serve to identify and
clarify issues. These annotations are provided by the The Earl of Real Estate Team, and
not Keller Williams Realty) |
| This agreement
is made on , (Select today's date) between
(first & last name(s)) ("Buyer") and Keller Williams Realty
("Broker"). |
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In
consideration of the services and facilities, the Broker is hereby
granted the right to represent the Buyer in the acquisition of real
property. (As used in this Agreement, "acquisition of real
property" shall include any purchase, option, exchange or lease
or an agreement to do so.)
1. BUYER'S
REPRESENTATIONS. The buyer represents that as of the commencement
date of this agreement, the Buyer is not a party to a buyer
representation agreement with any other brokerage firm (This
just means that you haven't signed this agreement with another
Realtor). The Buyer further represents that the Buyer has
disclosed to the Sales Associate (RE-Today,
Robert Earl) information about any properties that the Buyer
has previously visited at any new homes communities or resale
"open houses", or that the Buyer has been shown by any other
real estate sales associate(s) in any area where the Buyer seeks to
acquire property under this agreement.
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| The buyer
does or
does not hold an active or inactive Virginia real estate license. |
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2. TERM.
This Agreement commences when signed and, subject to Paragraph 7,
terminates at 12 p.m. on
, (Select a date one month beyond your
expected relocation date)
3. RETAINER
FEE. The Broker, Keller Williams, acknowledges receipt of a
retainer fee in the amount of (None), which shall be subtracted from
any compensation due the Broker under this Agreement. The retainer is
non-refundable and is earned when paid. It is
our policy that our Buyers pay no retainer fee and that all
commission fees be paid by the seller.
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4. BROKER'S
DUTIES. The Broker and the Sales Associate shall promote the
interests of the Buyer by:
- (a)
performing the terms of this Agreement;
- (b) seeking
property at a price and terms acceptable to the Buyer this
is a critical feature of the Buyer Broker Agreement, as it
requires me to work for the specific goals of the Buyer not the
Seller. In Virginia real estate agents work on behalf of the
Seller unless they have a Buyer Broker Agreement such as this);
- (c)
presenting in a timely manner all written offers or counteroffers
to and from the Buyer;
- (d)
disclosing to the Buyer all material facts related to the property
or concerning the transaction of which they have actual knowledge (this
is also a critical feature of the Buyer Broker Agreement, as it
requires me to disclose any information I have which is likely to
allow for the Buyer to succeed with a reduced price offer or to
obtain purchase terms favorable to the Buyer);
- (e)
accounting for in a timely manner all money and property received
in which the Buyer has or may have an interest. Unless otherwise
provided by law or the Buyer consents in writing to the release of
this information, the Broker shall maintain the confidentiality of
all personal and financial information and other matters
identified as confidential by the Buyer, if that information is
received from the Buyer during the brokerage relationship. In
satisfying these duties, The Broker shall exercise ordinary care,
comply with all applicable laws and regulations, treat all
prospective sellers honestly and not knowingly give false
information, and disclose whether or not the Buyer's intent is to
occupy the property as a principal residence.
In addition,
the Broker may show the same property to other buyers, represent other
buyers, represent sellers relative to other properties, or provide
assistance to a seller or prospective seller by performing ministerial
acts (I might offer to fax a document for the
seller, as an example of a ministerial act) that are not
inconsistent with the Broker's duties under this Agreement.
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5. BUYER'S
DUTIES. The Buyer shall:
- (a) work
exclusively with the Broker during the term of this Agreement;
- (b)pay the
Broker, directly or indirectly, the compensation set forth below (Our
fee will be paid entirely by the Seller, as described below);
- (c) comply
with the reasonable requests of the Broker to supply any pertinent
financial or personal data needed to fulfill the terms of this
Agreement (When you find a home We will need
a financial statement to supply to the lender);
- (d) be
available during the Broker's regular working hours to view
properties (We will work my schedule around
yours).
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| 6. PURPOSE.
The Buyer is retaining the Broker to acquire the following type of
property: Any residential property in Northern Virginia. |
| 7.
COMPENSATION. In consideration of the time and effort expended by
the Broker on behalf of the Buyer, and in further consideration of the
advice and counsel provided to the Buyer, the Buyer shall pay
compensation ("Broker's Fee") to the Broker as described
below. The Broker's Fee, less the retainer fee, if any, shall be
earned, due and payable under any of these circumstances whether the
transaction is consummated through the services of the Broker or
otherwise: |
(a) If the
Buyer enters into a contract to acquire real property during the
term of this Agreement and goes to settlement on that contract any
time thereafter: OR
(b) If,
within 60 days of expiration of this Agreement, the Buyer enters
into a contract to acquire real property that has been described to
or shown to the Buyer by the Broker during the term of this
Agreement, unless the Buyer has entered into a subsequent
"Exclusive Right to Represent Buyer" agreement with
another real estate broker; OR
(c) If,
having entered into a enforceable contract to acquire real property
during the term of this Agreement, the Buyer defaults under the
terms of that contract.
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- The Broker's
Fee shall be only that provided for in the MLS listing, as Selling
Agent Compensation. This means that there
will be no additional payment requested of the Buyer, and that the
entire commission paid will come exclusively from the Seller.
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- If
the seller or the seller's representative offers compensation to
the Buyer Broker, then the Buyer authorizes the Broker to receive
such compensation and the amount of such compensation shall be
credited against the Buyer's obligation to pay the Broker's Fee (Since
our fee always equals the compensation offered by the seller, you
will not have any remaining fee to pay).
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| Any
obligation incurred under this Agreement on the part of the Buyer to
pay the Broker's Fee shall survive the term of this Agreement. |
| 8.
DISCLOSED DUAL REPRESENTATION. The
Buyer acknowledges that in the normal course of business the Broker
may represent sellers of properties in which the Buyer is interested.
If the Buyer wishes to acquire any property listed with the Broker,
then the Buyer will be represented in one of two ways that are
permitted under Virginia law in this situation. The written consent
required from the parties in each case will be accomplished via the
execution of the appropriate disclosure form at the time of the
contract offer. |
| Dual
representation occurs when a buyer
and seller in one transaction are represented by the same Broker and
the same Sales Associate. When the parties agree to dual
representation, the ability of the Broker and the Sales Associate to
represent either party fully and exclusively is limited. The
confidentiality of all clients shall be maintained as in paragraph 4
above. |
| Designated
representation occurs when a buyer
and seller in one transaction are represented by different Sales
Associates affiliated with the same Broker. Each of these Sales
Associates, known as a Designated Representative, represents fully the
interests of a different client in the same transaction. Designated
Representatives are not dual representatives if each represents only
the buyer or only the seller in a specific real estate transaction.
Except for disclosure of confidential information to the Broker, each
Designated Representative is bound by the confidentiality requirements
in paragraph 4 above. The Broker remains a dual representative. |
| CHECK
ONE CHOICE IN EACH SECTION: |
| Dual
representation: The Buyer
does OR
does not consent
to be shown and to consider acquiring properties listed with the
Broker through the Sales Associate. |
| Designated
representation: The Buyer
does OR
does not
consent to be shown and to consider acquiring properties listed with
the Broker through another Designated Representative associated with
the firm. |
| 9.
DISCLAIMER. The Buyer acknowledges
that the Broker is being retained solely as a real estate agent and is
not an attorney, tax advisor, lender, appraiser, surveyor, structural
engineer, home inspector or other professional service provider. The
Buyer is advised to seek professional advice concerning the condition
of the property or concerning legal and tax matters. |
| 10.
EQUAL OPPORTUNITY. Properties shall
be shown and made available to the Buyer without regard to race,
color, religion, sex, handicap, familial status or national origin as
well as all classes protected by the laws of the United States, the
Commonwealth of Virginia and applicable local jurisdictions. |
| 11.
OTHER PROVISIONS._________________________________________________________________ |
| 11.
OTHER PROVISIONS._________________________________________________________________ |
| 11.
OTHER PROVISIONS._________________________________________________________________ |
| 11.
OTHER PROVISIONS._________________________________________________________________ |
| 12.
MISCELLANEOUS. This Agreement, any
exhibits and any addenda signed by the parties constitute the entire
agreement between the parties and supersede any other written or oral
agreements between the parties. This Agreement can only be modified in
writing when signed by both parties. In any action or proceeding
involving a dispute between the Buyer, the seller and/or the Broker,
arising out of the Agreement, or to collect the Broker's Fee, the
prevailing party shall be entitled to receive from the other party
reasonable attorney's fees to be determined by the court or
arbitrator(s). |
| (NOTE:
The Buyer should consult with the Sales Associate before visiting any
resale or new home or contacting any other REALTORS representing
sellers, to avoid the possibility of confusion over the brokerage
relationship and misunderstandings about liability for compensation.) |
