Buyer Representation Form

Buyer Representation Form Generator for United States

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Key Requirements PROMPT example:

"I need a Buyer Representation Form for a commercial real estate purchase in California, with specific provisions for multiple property viewings and an extended 12-month representation period starting January 2025."

Document background

The Buyer Representation Form serves as a crucial document in U.S. real estate transactions, protecting both the buyer's and agent's interests. This agreement is typically used when a potential buyer wants to engage a real estate professional's services exclusively in their property search. The form details the agent's duties, including property search, negotiation assistance, and transaction coordination, while specifying the geographic area, property types, and price range of interest. It ensures compliance with state-specific real estate laws and professional standards, establishing clear expectations and responsibilities for all parties involved.

Suggested Sections

1. Parties: Identification of the buyer and the real estate agent/broker

2. Background: Purpose of the representation agreement and context of the relationship

3. Definitions: Key terms used throughout the agreement including 'Property', 'Services', 'Term', and 'Commission'

4. Scope of Services: Detailed description of services to be provided by the agent including property search, negotiations, and advice

5. Term of Agreement: Duration of the representation relationship and termination provisions

6. Compensation: Fee structure, payment terms, and commission arrangements

7. Agency Relationship: Nature and scope of the agency relationship, including fiduciary duties

8. Representations and Warranties: Statements of fact and promises made by both parties

9. Termination: Conditions and procedures for ending the agreement

Optional Sections

1. Dual Agency: Terms and conditions for situations where the broker may represent both buyer and seller

2. Property Preferences: Specific criteria and requirements for desired property

3. Transaction Coordination: Additional terms for transaction coordination services

4. Protected Properties: List of properties already shown to buyer that would be subject to commission

Suggested Schedules

1. Schedule A - Agency Disclosure Form: State-mandated agency relationship disclosure form

2. Schedule B - Service Area Map: Geographic area covered by the agreement

3. Schedule C - Fee Schedule: Detailed breakdown of fees and commissions

4. Schedule D - Property Requirements Checklist: Detailed list of buyer's property preferences and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Confidential Information

Scope of Service

Term

Clauses

Relevant Industries

Real Estate
Property Development
Investment

Relevant Teams

Real Estate Sales
Legal
Operations
Compliance

Relevant Roles

Real Estate Agent
Real Estate Broker
Transaction Coordinator
Real Estate Attorney

Industries

RESPA: Real Estate Settlement Procedures Act - Federal law governing real estate transactions, including disclosure requirements and prohibited practices in real estate settlements

TILA: Truth in Lending Act - Federal law requiring disclosure of credit terms and standardizing how costs associated with borrowing are calculated and disclosed

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

Equal Credit Opportunity Act: Federal law ensuring equal access to credit and prohibiting discrimination in credit transactions

Americans with Disabilities Act: Federal law protecting rights of individuals with disabilities, including accessibility requirements in real estate contexts

State Real Estate Licensing Laws: State-specific regulations governing real estate professional licensing, conduct, and obligations

State Agency Disclosure Requirements: State-specific rules requiring disclosure of agency relationships between real estate professionals and clients

State Buyer Representation Requirements: Specific state laws governing how real estate professionals must represent buyers in transactions

State Consumer Protection Laws: State-specific laws protecting consumers in real estate transactions from unfair or deceptive practices

NAR Code of Ethics: Professional standards and ethical requirements set by the National Association of REALTORSยฎ

State Real Estate Commission Regulations: Rules and regulations set by state real estate commissions governing professional conduct and transactions

Contract Law Requirements: Basic elements required for valid contract formation, including offer, acceptance, consideration, and capacity

Statute of Frauds: Legal requirement that certain contracts, including real estate agreements, must be in writing to be enforceable

Fiduciary Duties: Legal obligations of loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting owed by agents to their principals

Dual Agency Regulations: State-specific rules governing situations where an agent represents both buyer and seller in a transaction

Gramm-Leach-Bliley Act: Federal law requiring financial institutions to explain their information-sharing practices and protect sensitive data

State Privacy Laws: State-specific regulations governing the collection, use, and protection of personal information in real estate transactions

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Buyer Representation Form Generator for United States

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