BUYER REPRESENTATION AGREEMENT SECTION
11.0 BUYER REPRESENTATION AGREEMENTS -OBTAINING AND SERVICING
a) Types of listings
1. Exclusive … the buyer agrees to purchase a property only through the Brokerage Company. This applies to properties listed, whether in the MLS or otherwise, as well as properties that are currently unlisted such as FSBO.
2. Non-exclusive… the buyer has the right to purchase a property through the agent of their choice or directly from an owner. The only time a fee would be due the Brokerage Company is when the buyer purchases a property that has been contracted through the Brokerage Company.
b) Buyer Representation Agreements
1. Only approved agreements supplied by McCraw Real Estate may be used to represent the buyer. Any changes to the McCraw Real Estate approved form must be approved by management prior to use.
2. Terms of the agreement will vary from buyer to buyer. However a minimum period of 30 days is recommended in order to purchase and close the transaction and a maximum of 90 days is recommended. Keep in mind that all agreements can be extended with the consent of the parties.
3. Cancellation of the agreement can ONLY be done by the Broker. If a buyer wishes to cancel their agreement with the Brokerage Company, explain to them that they will need to speak to the Broker in order to accomplish that. It will be the policy of the Brokerage Company to try to assign the buyer to a different agent if they are unhappy with their current arrangement. It will always be the. policy of the McCraw Real Estate to try to save the client.
4. Reserved Properties: If a buyer has been previously. negotiating on a property prior to signing the Buyer Representation Agreement and wants to exclude that property from their agreement, management will allow that for a period of 7 days. After that time, the McCraw Real Estate will be compensated if the Buyer purchases that property.
5. Fully explain the Buyer Representation Agreement to the Buyer(s) and obtain all necessary signatures. All parties in the transaction MUST sign the agreement, i.e. husband and wife, partnerships, or any other legal entity.
6. Obtain consent for the possibility of Limited Dual Agency at this time and get the release for Megan’s Law signed and attached to the Buyer Representation Agreement.
7. Upon signing of the Buyer Representation Agreement the complete file for the Buyer must be turned into McCraw Real Estate within 48 hours. The file must include: the Buyer Representation Agreement, Meagan’s Law release, addendum for Limited Dual Agency, and an Mandatory Agency Disclosure Form which discloses the company agency policy. The Agent may keep one set of all forms for their personal file, but the original signature copies must be turned into the managing broker at McCraw Real Estate.
8. If the Buyer Representation Agreement is canceled or withdrawn, it is the obligation of the Buyer’s agent to furnish a list of all possible properties under consideration that were presented by McCraw Real Estate and to protect that list of properties with a 60 day period. If the Buyer lists themselves with a different Brokerage Company, the protected property list obviously is null and void.
9. If a Buyer that you come in contact with says they are working with a fellow associate, the fact that they do or do not have an agency agreement will not pertain (the buyer is working with who they say they are working with.) It is especially critical therefore, to ask if the buyer is working with another agent in our firm, or has signed a Buyer Representation Agreement with another company.
10. All fees charged to the buyer must be approved by McCraw Real Estate. This includes: retainer fees, hourly fees, and FSBO compensation fees. All checks obtained from the Buyer for fees shall be made payable to McCraw Real Estate. Operating Account and the split between McCraw Real Estate and the licensees shall be determined based upon your commission distribution level.