Exit Upstate - Buyer Agency Agreement - Greenville, Spartanburg, Anderson, Greenwood SC

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Why we use a Buyer Agency Agreement

We use a Buyer Agency Agreement because it benefits buyers and us as agents. It is a win win scenario. In South Carolina without a Buyer Agency Agreement, you the buyer are a "customer". As a customer, the agent works WITH you and the agent's responsibilities to you are honesty, disclosure of material facts, accounting, and reasonable skill and care. Beyond these responsibilities, the agent is prohibited by agency law from communicating things that might be considered detrimental to the seller.

With a Buyer Agency Agreement, you the buyer are the "client". As a client, the agent works FOR you and the agent's responsibilities to you are reasonable care and diligence, obedience, undivided loyalty, full disclosure, accounting, and confidentiality forever. The buyer agent represents you and is able to negotiate on your behalf, to provide you with comparative market analyses, and to fully disclose market and neighborhood facts. The buyer agent levels the playing when it is time to make an offer on a property. For this reason alone, it is common for a buyer to save thousands of dollars during the critical negotiation process. The buyer agent can insist that the home inspector treat the buyer as their client as well.

Many real estate brokerages do accept offers submitted by agents outside their brokerage unless the agent has a Buyer Agency Agreement with the buyer making the offer. We use an Exclusive Right To Buy contract, which means that we work for our buyers regardless of who the seller is and our buyers make sure for the term of the contract that sellers and other agents understand that they are represented by a buyer agent.

A sample of our Exclusive Right to Buy Buyer Agency Contract is depicted below. For a printable PDF copy of our contract click here.

EXCLUSIVE RIGHT TO BUY
BUYER AGENCY CONTRACT

1. APPOINTMENT OF BROKER: Subject to the terms and conditions specified herein,
_Sylvester A. Buyersmit______________________ , (“BUYER”) hereby appoints
_Exit Upstate Realty_ , (“BROKER”) as Buyer’s exclusive agent to assist buyer in finding and acquiring real property within the price range of: $ ____160,000____ to $ __200,000_____ and generally described as: __Residential Property_____________

2. TERM OF CONTRACT: This contract shall begin on ____August 10_______ , 20_06_ and end at
midnight on ___November 10______ , 20_06_

3. SCOPE OF BROKER’S SERVICES: Broker will exercise good faith to assist Buyer in locating and purchasing real property as described above. Broker will work at all times in the Buyer’s best interest and will inform all prospective sellers and their agents with whom Broker has contact that he/she is representing the Buyer. Broker has the following fiduciary duties to the Buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, diligence, obedience and accounting in all dealings. Broker does not guarantee all of the available properties will be shown to the Buyer.

4. BUYER’S DUTIES: Buyer agrees to conduct all negotiations through Broker and to work exclusively with Broker during the term of this contract by viewing properties only with Broker and not with another Broker. Buyer agrees to inform other real estate brokers or agents, home builders and property owners or sellers with whom Buyer may have contact that Broker is representing Buyer as Buyer’s exclusive agent. Buyer certifies he/she does not have a buyer agency contract in effect with another real estate Broker/company.

5. INDEMNIFICATION OF BROKER Buyer promises to disclose to Broker whether Buyer has been given prior information about any property of the type that is the subject of this Contract by any other Broker or salesperson, or has previously been shown any such property by any other Broker or salesperson. If Buyer fails to tell Broker about such other broker’s or salesperson’s involvement, and Broker incurs any loss or damage as a result of any claim being brought against him on account of such involvement, due to no fault of Broker, then Buyer shall pay Broker all such losses and damages incurred by Broker because of such claim. Buyer will hold Broker harmless from liability as a result of incomplete or inaccurate information provided to Broker by Buyer or Seller.

6. NONDISCRIMINATION: The parties agree not to discriminate in any transaction pursuant to this agreement based on race, color, religion, sex, handicap, familial status, national origin, age, or marital status.

7. AGENCY DISCLOSURE: __SAB__ Buyer acknowledges receiving an explanation of the types of agency relationships that are offered by brokerage and an Agency Disclosure Form at the first practical opportunity at which substantive contact occurred between the agent and Buyer.

Buyer acknowledges that after entering into this written agency contract, agent might request a modification in order to act as a dual agent or a designated agent in a specific transaction. If asked:

__SAB__ Permission to act as a dual agent may be considered at the time I am provided with information about the other party to a transaction. If I agree, I will execute a separate written Dual Agency Agreement.

__SAB__ Permission to act as a designated agent may be considered at the time I am provided with information about the other party to a transaction. If I agree, I will execute a separate written Designated Agency Agreement.

8. COMPENSATION TO BUYER’S BROKER: The Broker will seek compensation from the Listing Broker or Seller, including For Sale By Owners Sellers and New Home Builders. Should the Seller fail or refuse to complete a transaction as agreed due to no fault of Buyer, the Broker agrees not to seek to collect any fee from the Buyer.

9. OTHER POTENTIAL BUYERS: The Buyer understands other buyers will also be represented by Broker and such other buyers may seek property, submit offers, and contract to acquire property through Broker, including the same property Buyer may seek to acquire. Buyer acknowledges, understands and consents to such representations of other buyers by Broker. The Broker will not disclose to either party the terms and conditions of the other’s offer.

10. PROFESSIONAL ADVICE: Buyer should seek professional advice, assistance or inspections regarding legal and title matters, tax liabilities, property condition and surveys, hazardous substances, environmental matters and other matters of concern relating to any property to be purchased. Buyer agrees not to rely on Broker for professional advice which may not be Broker’s responsibility.

11. MEGAN’S LAW: The Buyer and Seller agree the Listing and Selling Brokers and their agents are not responsible for obtaining or disclosing any information contained in the South Carolina Sex Offender Registry. This information may be obtained from the local sheriff’s department or other appropriate law enforcement officials.

12. ENTIRE BINDING AGREEMENT: This written instrument expresses the entire agreement and all promises, covenants, and warranties between Buyer and Broker. This agreement can be changed only by mutual agreement of the parties in writing. Terms and conditions of this contract do not survive closing unless otherwise specified herein.

13. MEDIATION: Any dispute or claim arising out of or relating to this Contract, the breach of this Contract or the
services provided in relation to this Contract, shall be submitted to mediation in accordance with the Rules and Procedures of the Dispute Resolution System of the NATIONAL ASSOCIATION OF REALTORS®. This provision shall survive for a period of 120 days after the date of the closing. Should litigation be required to enforce the terms of this agreement, costs and attorney fees shall be awarded to the prevailing party.

14. COMMENTS/ADDITIONAL TERMS:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________

Agent: _Nancy Lynn___________ Date: _8/10/2006___ Broker: _Exit Upstate Realty__
Buyer: _Sylvestor A. Buyersmit___ Date: _8/10/2006___
Buyer: ______________________ Date: ____________

S.C. law requires all brokers to have a written Buyer Agency Agreement if they are acting as agent for the Buyer.