BUYER REPRESENTATION AGREEMENT

EXCLUSIVE RIGHT TO BUY

 

1.      Appointment of Broker:  Effective as of the Commencement date and continuing through the Expiration Date, _____________________________________ as buyer, appoints Broker as Buyer’s Exclusive agent to represent and assist buyer in the purchase or acquisition of property within the market area.  Buyer shall conduct through Broker all efforts to locate property within the Market Area and shall conduct through Broker all negotiations for the purchase of any property within the Market Area. 

 

2.      Market area: The Market Area is defined as (a) all homes covered in the North Texas Real Estate Information System (MLS).   (b) All New Construction; and (c) all “For Sale by Owner” homes, within the same area.

 

3.      Professional Service Fee:  Buyer agrees to pay Broker the Professional Service Fee (the “Fee”) in the county where the market area is located.  Professional Service Fee will be 3% of the gross purchase price of the Property.  Broker may divide the Fee on any terms acceptable to the broker with any licensed broker.  All Professional Fees are negotiable.  The Fee is earned when the buyer enters into a contract for the purchase of property within the Market Area prior to the Expiration Date, or within 60 days after the Expiration Date for any property Buyer contracts to purchase within the Market Area.  The fee will be paid at the closing of the contract by the Title Company Escrow Agent in the following manner:

 

Broker shall accept, in full payment of the Fee, a reasonable offer of compensation made by the listing Broker for Properties listed in the local Multiple Listing Service.  If the Property is not listed in the Multiple Listing Service, then Broker shall negotiate with the Listing Broker payment of the Fee from the listing Commission to be paid at closing.

 

4.      Agency Relationship:  Broker may act as an intermediary in the transaction.  See the T.R.E.C. promulgated form Information About Brokerage Services for more information.

 

5.      Miscellaneous Provisions:

A.     Broker and salespersons will perform their obligations hereunder without regard to race, color, religion, national origin, and marital status of any prospective seller, buyer or property owner.

B.     In any suit to enforce this agreement, the prevailing party is entitled to recover reasonable attorney fees.

C.     This agreement contains the entire agreement of the parties, and will only be modified in writing.

D.     In the event that Buyer executes a contract to purchase Property, Buyer should either have the abstract covering the Real Property which is the subject of the contract examined by an attorney of Buyer’s own selection or be furnished with or obtain a policy of title insurance.

E.      Broker cannot give legal advice.  This is a binding document.  Read it carefully and if you do not understand it, consult an attorney.

 

6.      Term:  Commencement Date: _______________________ Expiration Date: _______________________

 

        Executed on the _____________ day of _________________________, 2007

 

Buyer(s): _______________________

____________________________

Address: _______________________

        

By Agent: ____________________________________________

                                  Jimmie Johnson, Realtor