Buyer Broker Agreement

With my previous experiences and professionalism, I require a buyer broker agreement. When I commit my time and efforts to you and give you a 110 percent there is always times which I have plans with family and friends or with a day off enjoying my hobbies, in which I end up being with my client’s because I am committed to my clients and representing them in the home buying process.

How would you like to go to work all week, and at the end of the week, your boss says to you that you have done a great job, but we do not have a check for you. With my expertise in negotiations and representation, I am constantly working on my clients behalf without comprising my ethics and treating others as I would want to be treated.

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Contract for Exclusive Right to Represent Client/Buyer

This is agreement is made this _____ day of ____________________________, 2008

Client:_______________________________________________________________

Buyer gives William E. Wood & Associates, Buyer’s Broker, the exclusive right to locate and/or negotiate for the purchase, exchange or option to purchase, property at a price with terms acceptable to the buyer. This agreement starts on ____________________, 2008 and end at 11:59 PM _____________________________________________, 2008.

1. Agents Obligation: David will ….

-Perform the terms of the brokerage agreement

-Promote the client’s best interest by seeking a transaction acceptable to the client

-Provide financial accounting

-Disclose known material facts about the property or the transaction

-Exercise ordinary care

-Maintain client confidential, unless the information is required by law to be disclosed

2. Buyer’s Obligation: The buyer will…

-Work exclusively with the Agent during the term of this agreement

-Provide Agent with accurate and relevant personal financial information to determine Buyer’s ability to purchase property

-Cooperate with the Agent in finding a property to purchase. After a purchase agreement has been accepted by the seller, the buyer is legally obligated to purchase the property. If the Buyer refuses to close the purchase and the seller is willing to perform, the Buyer will pay all compensation due under this agreement.

3. Compensation:

Buyer agrees to compensate Broker if Buyer, or any other person on the Buyer’s behalf, agrees to purchase any property during the term of Agreement.

Most properties listed by the various real estate companies provide for the seller to pay a commission in the case of Seller Agency, Dual Agency, or Buyer Agency. In the event a specific property precludes payment of a commission to a Buyer Brokerage Agency Relationship, Buyer(s) as the Buyer Brokerage Client(s), agree to pay commission to William E. Wood & Associates in the amount of ___________. Unless otherwise agreed, the commission shall be payable in cash upon closing on the purchase of the property unless the closing does not occur due to breach of the Buyer or its affiliates, in which cause the commission shall be immediately payable.

In the policy of William E. Wood & Associates that if overlapping brokerage relationships should occur, the following applies:

4. OVERLAPPING BROKERAGE RELATIONSHIP:

Buyer understands there may be properties listed with Willam E. Wood & Associates that the Buyer may wish to consider purchasing. If the foregoing takes place, the existing Agent/Buyer relationship may change in the following manner:

a) Designated Representation: For properties listed by Willam E. Wood & Associates (other than properties listed by Buyer Broker/ Agent), Including new home sites by William E. Wood & Associates, a “seller Agency” exists. Therefore, any disclosure, showing or offers to purchase respective properties will create a “Designated Dual Representation” arrangement with Willam E Wood & Associates designating one of its agents to represent the seller or landlord and a second agent to represent the Buyer or tenant in the same transaction. A supervising broker in the company will oversee the transaction. Each of the designated representatives will be able to offer full service to his or her assigned client.

b) Standard Dual Representation: In the event the Buyer Broker/ Agent is also the listing agent of a property the Buyer may considering purchasing. It is understanding that the company has a legal obligation to represent both parties. The company may know confidential information about one party of value to the other party. There are limits on what the company or agent may do in dual representation cases. The company or agent must not disclose information that is confidential of would create a negotiating advantage for either client.

5. OTHER POTENTIAL BUYERS

The Broker or Agent may represent or work with other potential Buyer’s for the same property before, during and after the expiration of this agreement. Other potential Buyers may consider, make offers or purchase through Broker or Agent, the same or similar properties as Buyer is seeking to acquire.

6. AGENT’S ROLE:

Buyer acknowledges that Agent is being retained solely as a real estate representative and not as an attorney, tax advisor, lender appraiser, surveyor, structural engineer, home inspector or other professional service provider. Buyer has been advised to seek professional advice in these areas of expertise.

IF BUYER”S ACTION IN LOCATING A PROPERTY AFFECTS PAYMENT OF COMPENSATION BY SELLERS, BUYER AGREES TO PAY COMPENSATION IN CASH AT CLOSING. FOR EXAMPLE: THE ACT OF GOING THROUGH AN OPEN HOUSE UNACCOMPANIED BY YOUR AGENT, OR SIGNING A PURCHASE AGREEMENT THROUGH ANOTHER AGENT OR DIRECTLY WITH AN (OWNER) MAY REQUIRE YOUR PAYMENT OF THE FULLY COMPENSATION TO William E. Wood & Associates.

William E. Wood & Associates / David Phillips

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Buyer Date

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Buyer Date

Great Neck Office 2304 Kleen St. @ Shore Dr. Virginia Beach, VA 23451		Phone: (757) 481-3710 Fax: (757) 481-4783 Toll Free: (800) 468-7340

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