The PARTIES, the "Client(s),"
and the "Agent," Dave Hopkins of EcoRealty, agree to the following terms and conditions:
TERM OF AGREEMENT: This Agreement begins at signing and terminates on the earlier of [4 to 6 months from signing] or the closing of property placed under contract during the term of this Agreement.
AGENT’S OBLIGATIONS: Agent agrees to assume the following responsibilities:
· Use Agent’s professional knowledge and skills to conduct a search for real property which meets Client’s stated needs by showing or offering to show real property.
· Represents Client(s) in negotiating price, terms and conditions and acting in Client’s best interests except as otherwise provided.
· Act in accordance with the following fiduciary duties: confidentiality, loyalty, obedience, accounting, disclosure, and reasonable care and diligence except as otherwise provided.
· Perform other duties including:
CLIENT’S OBLIGATIONS: Client agrees to assume the following responsibilities:
· Work exclusively with Agent during the course of this Agreement and refer all inquiries and conduct all negotiations in good faith to purchase real property through the Agent.
· Provide true and accurate financial, personal and business information and all necessary information to ensure Client’s ability to purchase property.
· Authorize Agent to release Client’s financial, personal, or business information (e.g., a preapproval letter from a bank) to third parties, including the listing broker and seller/owner if Agent determines that it would assist Client.
· Assist, cooperate and actively participate in locating desired real property.
Client acknowledges that he/she is not currently subject to another buyer agency agreement.
· Agent shall act as a professional real estate agent and not as an attorney, accountant, appraiser, home inspector, or other professional. Client is advised to seek outside help if needed.
· Agent may represent other buyers who may have the same real estate needs as the Client(s).
· Client agrees that the Agent will be compensated in one of the following ways: (Check all options that can possibly apply)
____ 2-3% of the purchase price of the real property, but no less than 2%, to be paid to the Agent by the listing agent or seller or seller’s attorney at the closing, as a co-broking fee to the buyer agent.
____ In the event that a co-broking commission is not offered to the Agent, or in the event that the co-broking commission is deemed unacceptable by the Agent, a stipulation will be made in the Offer to Purchase and the Purchase and Sale Agreement, asking the seller to pay the Agent 2-3% of the purchase price at the closing.
____ If the property is offered for sale by an owner without a listing agent (a.k.a. For Sale by Owner) and/or without a listing on MLS-PIN, a stipulation will be made in the Offer to Purchase and the Purchase and Sale Agreement, asking the seller to pay the Agent 2-3% of the purchase price of the property at the closing. In the event that a For Sale by Owner seller refuses to allow a commission to be built into the purchase price or to pay such a commission to the Agent, the Client agrees to pay the commission separately at the time of the closing.
____ If the Client chooses to purchase land, the above compensation methods will apply for the purchase of land (the co-broking commission here tends to be from 3 to 5%). If the Client wishes the assistance of the Agent in finding a builder/home manufacturer and throughout the building process, a stipulation will be made in the construction contract that the builder/manufacturer or his/her agent will pay the Agent no less than 2% of the sale price at the time of closing.
The Client authorizes the Agent to accept such a fee from the listing broker or the seller or builder.
This is a legally binding agreement. If not understood, please seek legal advice.