REAL ESTATE ONE

EXCLUSIVE BUYER AGENCY CONTRACT

 

 

______________ ___________________________, Hereafter referred to as “ Client” has entered into a contract with Real Estate One and it’s agent ____________________________, Hereinafter referred to as “ BROKER”, in purchasing real estate described as follows:

 

Residence/Vacant Land in Washtenaw or Livingston County via the multi-list system and For Sale By Owners.

 

Hereafter referred to as “Desired Property”.

 

1.     EXCLUSIVE AGENT: Client agrees that during the term of this Agreement, any and all inquiries and/or negotiations on behalf of Client relating to the acquisition of any Desired Property shall be through Broker.

2.     Broker’s services shall include, but are not limited to, consulting with Client regarding the desirability of particular properties and the availability of financing; formulating acquisition strategies; and negotiating purchase agreements.  Client acknowledges that Broker is not an expert in real estate law, taxation, surveying, structural engineering or in environmental science and that Client should contact professionals on ALL of these matters.

3.     Client agrees that during the term of this Agreement, any purchase of real estate as described above, whether by client directly, through another real estate agent or through Broker will result in the payment of a brokerage fee to Real Estate One.  It is strongly recommended that all inquiries and/or negotiations on behalf of the Client relating to acquisition of property be through Broker, so that Client will not inadvertently become obligated for other fees.

4.     This contract is entered into this _________ day of ________________________ 20______.  This agreement shall expire on  _________________________________, 2 __________, and may be canceled only by mutual consent of the parties in writing.

5.     COMPENSATION OF THE BROKER:  In consideration for the services to be performed by Broker:

_____A.  Cooperative Fee.  In the event Client contracts to purchase the Desired Property, which is listed with a broker, and listing broker is paying compensation to Buyer’s agents via a cooperative fee, this will be accepted as commission regardless of percentage amount.

_____B. Commission.  In the event Client contracts to purchase the Desired Property and the seller refuses to pay a commission, Client will pay Broker a commission equal to _______% of the purchase price.  The commission is due and payable upon closing.  The commission shall apply to any purchase agreements executed during the term of this Agreement or during any extension of this agreement.  The commission will also apply to purchase agreements executed within  ________ days after the expiration or termination of this Agreement, if the property acquired was presented to the Client through the services of the Broker.  If the Seller fails to close at no fault on the part of the Client, then the commission shall be waived.  If the transaction does not close because of failure for the buyer to perform on the purchase agreement once all contingencies have been removed, the commission shall NOT be waived and shall become immediately due and payable.

_____C.   The Added-Value Fee. A fee of $395.00 will be paid to Broker at time of closing for services provided exclusively by The Toth Team which include but are not limited to a Client Care Manager, Technical Support, upgraded communications network, enhanced website features, transaction and home ownership resources.

6.     CONDITION OF THE PROPERTY:  Client is not relying on Broker to determine the suitability of any desired property for purposes regarding the environmental or other conditions or the value of the desired property.  Client acknowledges that Broker has made no representation concerning the fitness or condition of the property, its boundaries and condition of title or legal description and will not be liable for any loss or damage resulting from same.

7.     At the time of initial contact, Broker shall inform all prospective Sellers and their agents that Broker is acting on behalf of Client and shall be paid exclusively by Client or shall be accepting compensation offered to cooperating Brokers.

8.     CONFLICT OF INTEREST (PURCHASERS): Client acknowledges and agrees that Broker may show more that one Client the same property, and may prepare offers on the same property for more than one Client.  Broker shall preserve any confidential information disclosed by any Buyer-Client.  In the event Broker works for two competing Buyer-Clients in connection with any specific property, Broker will be working equally for both Buyer-Clients and without the full range of duties owed by a Buyer’s Agent to a Buyer.  In this situation, the competing Buyer-Clients are giving up their right to undivided loyalty and will be owed only limited duties of disclosure, obedience and confidentiality.

9.     CONFLICT OF INTEREST (SELLERS): In the event Client elects to express an interest in and/or makes a bonafide offer on real property owned or listed by Broker, Broker Owner shall act as a DISCLOSED DUAL AGENT for both sides of the transaction if the listing is currently listed by Broker or its agents.  At such time, the agent named at the beginning of this agreement shall act as a DESIGNATED BUYERS AGENT.

10.  Broker will not obtain or order products or services from outside sources (e.g. surveys, soil tests, inspections, and title reports) without prior consent of Client.  Client agrees to pay for all costs for products or services so obtained.

11.  Client agrees to indemnify Broker and to hold them harmless on account of any and all costs or damages arising out of this agency contract, provided they are not at fault, including, but not limited to attorney’s fees  reasonably incurred by Broker.

12.  It is agreed by all parties to this Agreement that discrimination because of religion, race, national origin, disability, age, sex, marital status, familial status, or other legally protected category, in respect to the purchase of the Desired Property, is prohibited as required by law.

13.    Purchasers agree to notify Builders, For Sale By Owners, Listing Agents and Open House Agents they are working with The Toth Team as their exclusive buyer’s agent.

14.  Client agrees to allow The Toth Team to place a “sold” sign on the property they purchase for up to two weeks after the closing takes place.

15.  Client hereby accepts all faxes for business purposes.

 

This agreement constitutes the entire agreement between the parties, and any prior agreements, whether oral or written, have been merged or integrated in this Agreement.  The Client acknowledges that he/she has read this entire Agreement and has received a completed copy of this document.

 

 

Real Estate One

 

By ____________________________________________    

Agent                                             Date    

 

 

______________________________________        ___________________________________________                 

Client                                             Date                                 Client                                      Date