Standard Terms and Conditions
INCORPORATED BY REFERENCE IN BUYER REPRESENTATION AGREEMENT
The following terms and conditions are hereby incorporated by reference in the Buyer Representation Agreement between Client and Broker.
ADDITIONAL REPRESENTATIONS:
Each person signing this Agreement represents that the person has the legal capacity and authority to bind the respective party to this Agreement. If any employer, relocation company, or other entity will provide benefits to Client when acquiring property in the Market Area, Client shall
INTERMEDIARY ISSUES:
- Notice: If Broker acts as an Intermediary under Paragraph of the Agreement, Broker and Broker’s Associates:
- May not disclose to Client that the Seller or Landlord will accept a price less than the asking price unless otherwise instructed in a separate writing by the Seller or Landlord;
- May not disclose to the Seller or Landlord that Client will pay a price greater than the price submitted in a written offer to the Seller or Landlord unless otherwise instructed in a separate writing by Client;
- May not disclose any confidential information or any information a Seller or Landlord or Client specifically instructs Broker in writing not to disclose unless otherwise instructed in a separate writing by the respective party or required to disclose the information by the Real Estate License Act or a court order or if the information materially relates to the condition of the property.
- Shall treat all parties to the transaction honestly.
- Shall comply with the Real Estate License Act.
COMPETING CLIENTS:
Client acknowledges that Broker may represent other prospective buyers or tenants who may seek to acquire properties that may be of interest to Client. Client agrees that Broker may, during the term of this Agreement and after it ends, represent such other prospects, show the other prospects the same properties that Broker shows to Client, and act as a real estate broker for such other prospects in negotiating the acquisition of properties that Client may seek to acquire. Broker will not disclose the price offered or financial details of Client’s offer to other potential buyers nor will Broker disclose to Client the details of any other offer presented by another buyer represented by Broker. Broker shall remain neutral in presenting multiple offers from buyers represented by Broker.
TERMS RELATED TO BROKER’S FEES:
Earned and Payable: A person is not obligated to pay Broker a commission until such time as Broker’s commission is earned and payable. Broker’s commission is earned when:
- Client enters into a contract to buy or lease property in the market area; or
- Client breaches this Agreement.
Broker’s commission is payable, either during the term of this Agreement or after it ends, upon the earlier of:
- the closing of the transaction to acquire the property;
- Client’s breach of a contract to buy or lease a property in the market area; or
- Client’s breach of this Agreement.
If Client acquires more than one property under this agreement, Broker’s commissions for each property acquired are earned as each property is acquired and are payable at the closing of each acquisition.
Acquisition of Broker’s Listing:
Notwithstanding any provision to the contrary, if Client acquires a property listed by Broker, Broker will be paid in accordance with the terms of Broker’s Listing Agreement with the Owner and Client will have no obligation to pay Broker.
Protection Period:
Not later than 10 days after this Agreement ends, Broker may send Client written notice identifying
the properties called to Client’s attention during this Agreement. If Client or a relative of Client Acquires an identified
property within 90 days after the notice, Client will pay Broker, at Closing, the amount Broker would have received if
this Agreement were still in effect, less any amount paid to another broker in connection with such property.
Standard Terms and Conditions
INCORPORATED BY REFERENCE IN BUYER REPRESENTATION AGREEMENT
The following terms and conditions are hereby incorporated by reference in the Buyer Representation Agreement between Client and Broker.
ADDITIONAL REPRESENTATIONS:
Each person signing this Agreement represents that the person has the legal capacity and authority to bind the respective party to this Agreement. If any employer, relocation company, or other entity will provide benefits to Client when acquiring property in the Market Area, Client shall
INTERMEDIARY ISSUES:
- Notice: If Broker acts as an Intermediary under Paragraph of the Agreement, Broker and Broker’s Associates:
- May not disclose to Client that the Seller or Landlord will accept a price less than the asking price unless otherwise instructed in a separate writing by the Seller or Landlord;
- May not disclose to the Seller or Landlord that Client will pay a price greater than the price submitted in a written offer to the Seller or Landlord unless otherwise instructed in a separate writing by Client;
- May not disclose any confidential information or any information a Seller or Landlord or Client specifically instructs Broker in writing not to disclose unless otherwise instructed in a separate writing by the respective party or required to disclose the information by the Real Estate License Act or a court order or if the information materially relates to the condition of the property.
- Shall treat all parties to the transaction honestly.
- Shall comply with the Real Estate License Act.
COMPETING CLIENTS:
Client acknowledges that Broker may represent other prospective buyers or tenants who may seek to acquire properties that may be of interest to Client. Client agrees that Broker may, during the term of this Agreement and after it ends, represent such other prospects, show the other prospects the same properties that Broker shows to Client, and act as a real estate broker for such other prospects in negotiating the acquisition of properties that Client may seek to acquire. Broker will not disclose the price offered or financial details of Client’s offer to other potential buyers nor will Broker disclose to Client the details of any other offer presented by another buyer represented by Broker. Broker shall remain neutral in presenting multiple offers from buyers represented by Broker.
TERMS RELATED TO BROKER’S FEES:
Earned and Payable: A person is not obligated to pay Broker a commission until such time as Broker’s commission is earned and payable. Broker’s commission is earned when:
- Client enters into a contract to buy or lease property in the market area; or
- Client breaches this Agreement.
Broker’s commission is payable, either during the term of this Agreement or after it ends, upon the earlier of:
- the closing of the transaction to acquire the property;
- Client’s breach of a contract to buy or lease a property in the market area; or
- Client’s breach of this Agreement.
If Client acquires more than one property under this agreement, Broker’s commissions for each property acquired are earned as each property is acquired and are payable at the closing of each acquisition.
Acquisition of Broker’s Listing:
Notwithstanding any provision to the contrary, if Client acquires a property listed by Broker, Broker will be paid in accordance with the terms of Broker’s Listing Agreement with the Owner and Client will have no obligation to pay Broker.
Protection Period:
Not later than 10 days after this Agreement ends, Broker may send Client written notice identifying
the properties called to Client’s attention during this Agreement. If Client or a relative of Client Acquires an identified
property within 90 days after the notice, Client will pay Broker, at Closing, the amount Broker would have received if
this Agreement were still in effect, less any amount paid to another broker in connection with such property.
Buyer Resources
First Time Home Buyers
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Click Here- Frequently Asked Questions
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- The Seasonality of the Market
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