The Buyer Broker Exclusive Agreement is a fundamental document in U.S. real estate transactions that formalizes the professional relationship between a property buyer and their chosen real estate broker. This agreement is typically used when a serious buyer wants dedicated representation in their property search and acquisition process. The document protects both parties' interests by clearly defining the exclusive nature of the relationship, the broker's duties, compensation terms, and the buyer's obligations. It is particularly important in competitive real estate markets where having dedicated representation can be crucial for successful property acquisition. The agreement must comply with both federal real estate regulations and state-specific laws governing real estate transactions and broker-client relationships. Common triggers for using this agreement include starting a serious property search, ensuring dedicated broker representation, and establishing clear terms for the professional relationship.
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1. Parties: Identifies the broker/brokerage firm and the buyer(s) with their full legal names and addresses
2. Background: Brief context explaining the buyer's intention to retain the broker's services to assist in purchasing real estate
3. Definitions: Defines key terms used throughout the agreement including 'Property Requirements', 'Exclusive Period', 'Compensation', and 'Protected Property'
4. Appointment of Broker: Formally establishes the exclusive relationship between buyer and broker
5. Term of Agreement: Specifies the duration of the exclusive agreement, including start and end dates
6. Broker's Obligations: Details the services the broker will provide, including property search, showings, negotiations, and advisory services
7. Buyer's Obligations: Outlines the buyer's responsibilities, including working exclusively with the broker and providing accurate information
8. Compensation: Specifies the broker's commission rate or fee structure and when it becomes payable
9. Property Requirements: Describes the type, location, and price range of properties the buyer is interested in
10. Termination Rights: Explains how and under what circumstances either party can terminate the agreement
11. Dispute Resolution: Outlines the process for resolving any disputes between the parties
12. Governing Law: Specifies the state law governing the agreement
13. Signatures: Space for dated signatures of all parties
1. Dual Agency Consent: Required when the brokerage may represent both buyer and seller in a transaction
2. Team Identification: Used when multiple agents from the brokerage will be working with the buyer
3. International Buyer Provisions: Additional terms specific to international buyers, including FIRPTA considerations
4. Short Sale/REO Provisions: Special terms for buyers specifically interested in distressed properties
5. Buyer's Broker Rebate Terms: Details any commission rebate arrangements offered to the buyer
6. Virtual Services Agreement: Specific terms for remote services, virtual showings, and digital transaction management
7. Coronavirus/Force Majeure: Provisions addressing potential disruptions due to pandemics or other extraordinary events
1. Schedule A - Property Requirements: Detailed specifications of the buyer's property requirements including location, price range, features, and amenities
2. Schedule B - Compensation Structure: Detailed breakdown of broker compensation, including any variations based on property type or price
3. Schedule C - Broker Services: Comprehensive list of services the broker will provide
4. Appendix 1 - Agency Disclosure Form: State-mandated form explaining agency relationships in real estate transactions
5. Appendix 2 - Fair Housing Notice: Required fair housing information and anti-discrimination notice
6. Appendix 3 - Consumer Protection Notice: Required consumer protection information and broker's licensing details
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Property Investment
Real Estate Finance
Property Management
Professional Services
Legal Services
Relevant Teams
Legal
Real Estate
Compliance
Property Acquisition
Contract Administration
Investment
Risk Management
Operations
Relevant Roles
Real Estate Broker
Real Estate Agent
Property Buyer
Real Estate Attorney
Compliance Officer
Real Estate Transaction Coordinator
Broker Associate
Managing Broker
Real Estate Investment Manager
Property Acquisition Manager
Real Estate Legal Counsel
Contract Administrator
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