Buyer Agency Contract


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.

LIMITATIONS:

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).

COMPENSATION:

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.

Client(s):

Address:

Date:

Agent:

Date:


David Hopkins 2013