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Buyer Agency
The Real Estate Agent works exclusively for you the Buyer.
Buyer Agency is a relationship where the licensee (real
estate agent),
upon entering into a written agreement, works only for the Buyer.
Buyer Agent duties:
- Find a home that meets the customers
needs.
- Research the home's past sale
history.
- Work to determine the proper value
of the home.
- Find out what the neighbors homes
sold for.
- Research how long it takes homes to
sell in the neighborhood.
- Advise on best negotiating strategy.
- Structure a sales contract to benefit
the Buyer.
- Negotiate for the best possible
price and terms.
Below is a copy of a Business Relationship Agreement used in the state of
Pennsylvania.
Filled in as an example.
BUSINESS RELATIONSHIP
BETWEEN
BROKER AND BUYER
This
form recommended and approved for, but not restricted to use by, the members of
tile Pennsylvania Association of REALTORS (PAR).
BROKER (Company) Prudential
Preferred
Realty
LICENSEE(S)
Linda Honeywill - Associate Broker
Buyer
has read and received the Consumer Notice as adopted by the State Real Estate
Commission at 49 Pa. Code §35.336 and the Notices to Buyers in this agreement.
Pennsylvania law requires that this business relationship between Broker and
Buyer be in writing and signed by Buyer.
BUSINESS
RELATIONSHIP AS DESCRIBED IN THE CONSUMER NOTICE
Does
Buyer have a business relationship with another broker? Yes___ No
X
Broker
and Buyer agree to the following business relationship as allowed by Broker's
Company policy:
_____SELLER
AGENT
(for properties listed with Broker)/SUBAGENT FOR SELLER (for properties listed
with other companies).
_____TRANSACTION
LICENSEE (for properties not listed with Broker; however, if property is
listed under an agency contract with Broker, Broker is a Seller's Agent).
__X__
BUYER
AGENT (for properties listed with Broker and other companies, and for
properties not listed with any broker) Broker will be Buyer's Agent under the
terms agreed to in the Buyer Agency Contract below.
EXCLUSIVE
BUYER AGENCY CONTRACT
1. TERM
This
Contract applies to any property that Buyer chooses to buy during the term of
this Contract. Buyer will not enter into a Buyer Agency Contract with another
broker/licensee that begins before the Ending Date of this Contract.
Starting
Date: This Contract starts when signed by Buyer and Broker, unless otherwise
stated here:
Ending
Date: This Contract ends: contract
may be canceled upon a ten day written
notice
(A)
If Buyer is negotiating or has entered into an Agreement of Sale, this
Contract ends upon settlement.
(B)
If Buyer is negotiating or has signed a lease, this Contract ends upon
possession.
2. BROKER'S FEE
(A)
It is Broker's policy to accept compensation offered by the listing
broker and/or the seller. Broker may be paid a fee that is a percentage of the
purchase price (or in the case of a lease, a percentage of the total amount of
rent due over the term of the lease). Even though Broker's Fee may be paid by a
seller or listing broker, Broker will continue to represent the interests of
Buyer.
(B)
If the amount received in paragraph 2(A) is less than____________________________________________________, then Buyer will pay
Broker the difference, or include it as a term of the Agreement of Sale for the
seller to pay.
(C)
1. Broker's Fee is earned if Buyer enters into a sale or lease
agreement during the term of this Contract, whether
brought about by
Broker, Broker's agents or by any other person, including Buyer.
2. If Buyer enters into a sale/lease agreement for a property after the
Ending Date of this Contract, Buyer will pay
Broker's
Fee:
(a)
if the sale/lease is a result of Broker's actions during the term of this
Contract, OR
(b)
if the property was seen during the term of this Contract, AND
(c)
Buyer is not under an exclusive buyer agency contract with another broker
at the time Buyer enters a sales agreement.
3. DUAL AGENCY
Buyer
agrees that Broker may also represent the seller of the property that Buyer
might buy. The Broker is a DUAL AGENT when representing both the seller and the
buyer in the sale of a property.
4.
DESIGNATED AGENCY:
_____ Not Applicable.
X Applicable. Broker may designate licensees to represent the separate
interests of Buyer and the seller. Licensee (identified above) is the Designated
Agent, who will act exclusively as the Buyer Agent. If Licensee is also the
Seller Agent, then Licensee is a DUAL AGENT.
5. TRANSFER OF THIS CONTRACT
Buyer
agrees that Broker may transfer this Contract to another broker. Broker will
notify Buyer immediately in writing ii' Broker transfers this Contract to
another broker.
6. OTHER
ENTIRE
AGREEMENT
This is the
entire agreement between Broker and Buyer. Any verbal or written agreements that
were made before are not a part of this agreement. Any changes or additions to
this agreement must be in writing and signed by Broker and Buyer.
NOTICE BEFORE
SIGNING: IF BUYER HAS LEGAL QUESTIONS, BUYER IS ADVISED TO CONSULT AN ATTORNEY.
Pennsylvania
Association of Realtors
Prudential's Top Agent in Pittsburgh!!
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