The Exclusive Buyer Agent Agreement serves as a foundational document in U.S. real estate transactions, protecting both the buyer's and agent's interests during the property search and acquisition process. This contract type is typically used when a serious buyer wants dedicated representation and is ready to commit to working with a specific agent. The agreement details the scope of services, compensation terms, and duration of the relationship, while ensuring compliance with state-specific real estate regulations and federal fair housing laws. It provides clarity on the agent's responsibilities and the buyer's obligations, helping prevent misunderstandings and potential disputes during the property search process.
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1. Parties: Identification of the buyer and the real estate agent/broker, including full legal names and contact details
2. Background: Brief context explaining the purpose of the agreement and the parties' intentions
3. Definitions: Key terms used throughout the agreement and their specific meanings
4. Scope of Agency: Detailed description of the exclusive relationship and agent's duties
5. Term of Agreement: Duration of the exclusive relationship, including start and end dates
6. Compensation: Commission structure, payment terms, and conditions for payment
7. Agent's Obligations: Specific duties and responsibilities of the agent
8. Buyer's Obligations: Specific duties and responsibilities of the buyer
9. Termination: Conditions and procedures for ending the agreement
1. Dual Agency: Terms regarding potential dual agency situations when state law permits dual agency relationships
2. Property Specifications: Detailed criteria for properties the buyer is seeking, used when buyer has specific requirements that need documentation
3. Other Brokers: Terms regarding cooperation with other brokers when multiple brokers might be involved
4. Dispute Resolution: Mediation and arbitration procedures for alternative dispute resolution
1. Property Requirements Schedule: Detailed list of buyer's property requirements and preferences
2. Commission Schedule: Detailed breakdown of commission structures and scenarios
3. Agency Disclosure Form: State-mandated agency relationship disclosure document
4. Fair Housing Addendum: Federal and state fair housing compliance statements
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