Brief overview of Buyer Representaion:
BROKER’S DUTIES: (a) The Broker shall provide to Buyer a meaningful
explanation of agency and shall use Broker’s professional real estate knowledge and skills to represent the Buyer in
a diligent and effective manner and to locate property which is available for purchase or lease and suitable to the Buyer;
(b) if the Broker is not representing the seller, the Broker shall represent solely the interest of the Buyer in all negotiations
and transactions regarding the acquisition of real property, and repudiate any agency or subagency relationship with the seller
or the company representing the seller and shall not claim the subagency compensation offered to the selling broker in the
Multiple Listing Service; (c) if the Broker represents the seller as well as the Buyer (i.e.,. disclosed dual agency), the
Broker shall not disclose to the Buyer information obtained within the confidentiality and trust of the fiduciary relationship
with the seller, nor disclose to the seller information similarly obtained from the Buyer, without the consent of the party
adversely affected by the disclosure; (d) the Broker may represent other buyers who may be interested in the same property
as the Buyer.
BUYER’S DUTIES. BUYER AGREES TO:
(A) Work exclusively with Broker and its Affiliated licensees during the term
of this agreement by: (1) viewing any property (previewing, etc.) only with Broker or Broker’s designated representative
and not with another real estate broker, salesperson or seller; and (2) exclusively allowing Broker of Salesperson to identify
property, negotiate for Buyer and otherwise to represent Buyer; and (3) referring to Broker all inquiries received in any
form from any other real estate broker or affiliated licensees; and (4) holding Broker harmless from liability as a result
of incomplete/inaccurate information provided to Broker by Buyer; and (5) indemnifying Broker against all claims, damages,
losses, expenses, or liability arising from the handling of earnest money by anyone other than Broker.
(B) Assist Broker and its Affiliated Licensees in the process of identifying,
negotiating and contracting to purchase, lease or otherwise acquire by: (1) providing Broker with reliable information (including
financial information and written authorization to obtain verification of funds) that Broker deems necessary for the performance
of this Agreement; and (2) making himself available to meet with Broker and to see properties, in order that the Broker will
be able to perform the promises of the Brokerage Engagement.
(C) Provide Broker and its Affiliated Licensees the following information:
(1) general nature, location, and requirements of desired property; and (2) price range, and other terms and conditions relating
to desired property.
(D) To authorize Buyer’s attorneys and the settlement agent to furnish
to Broker copies of the final HUD-1 settlement statement for the transaction prior to the closing date.
Fee: Buyer shall pay Broker a Transaction Fee 4% for residential detached
property or condominiums and 5% for land, commercial or manufactured home of the purchase or total lease price (renewal, if
applicable) of any property purchased or leased by Buyer, including “For Sale by Owner” properties. If within
120 days after the expiration of this Contract Buyer purchases or leases any property which Broker has negotiated during the
term of this Contract, Buyer will pay Broker the Transaction Fee stated above. Broker shall use his best efforts to obtain
payment of the Transaction Fee out of the transaction, but Buyer shall have the obligation to pay Broker the Transaction Fee
set forth in this Contract if Broker cannot obtain payment of such fee out of the transaction. Any fees paid by the seller
or seller’s agent shall be credited against the Transaction fee.