This agreement begins on _____/_____/_____, and will terminate on _____/_____/_____, unless a contract is placed on property prior to this termination date by Buyer. If a contract is placed on property by Buyer, the agreement terminates upon closing and/or transfer of title to Buyer.
Broker's Obligations:
1. Act only as Buyer's agent, and use diligence in locating suitable property for Buyer;
2. Assist Buyer in the purchase or lease of suitable property on terms acceptable to Buyer;
3. Contact Real Estate Agencies, Individuals, or Others who may have suitable properties for sale, or listed, and schedule appointment times for Buyer or Buyers representatives, or agents to inspect the properties;
4. Broker shall not knowingly, during the term of this agreement, or after its termination, disclose information obtained in confidence from Buyer except as authorized by Buyer or as required by law.
Buyer's Obligations:
1. Work exclusively with Broker;
2. Refer to Broker all properties which are of interest to Buyer;
3. Conduct any and all negotiations on properties through Broker;
4. Provide Broker with financial information in order for Broker to verify Buyer's ability to purchase property;
5. Insure Buyer has the legal capacity and authority to enter into a binding contract;
6. Insure Buyer is not under any Buyer Representation Agreement with any other real estate broker or agency;
7. Inform all other real estate brokers, salesmen, sellers, or landlords who Buyer has contact with that Buyer is obligated to this agreement;
Initial for identification
__________Buyer _______Broker
__________Buyer
Other Obligations and Miscellaneous Provisions:
1. If Buyer purchases, exchanges or otherwise transfers a property,
introduced to Buyer during the term of this agreement, or within six
(6) months of its expiration, a commission of six (6%) of sales price
will be due Broker from Buyer if Broker is left out of transaction.
2. Buyer is advised to seek legal, tax and other professional advice
relating to any proposed transaction or to this agreement. Broker is
not a lawyer, and cannot give legal advice. Buyer should consult
his/her attorney on any area of this agreement or real estate purchase
contract they do not understand.
3. If any part of this agreement is invalid or unenforceable, the
remaining parts shall continue be valid and enforceable;
4. Broker is not qualified to perform property inspections, or repairs.
However, Broker will reveal to Buyer any known defects. Buyer is advised
to employ Inspectors licensed by the Texas Real Estate Commission, and
licensed and bonded individuals for other necessary repairs to the
property.
5. If Buyer agrees to purchase property, Buyer should have an abstract
covering the property examined by an attorney of Buyer's choice or
obtain a policy of title insurance.
Compensation:
Buyer shall pay Broker $______________as a retainer fee for services
preformed during this agreement period. The retainer fee is not
refundable. However, if a purchase or lease is made prior to the
expiration of this agreement, the retainer fee will be credited to
Buyer at closing.
Unless otherwise agreed to in writing, Broker will seek compensation/commission
from seller, or seller's agent.
Other Provisions:
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