Virginia Exclusive Right to Represent Buyer Agreement
(Comments and annotations to this agreement appear in RED and are not part of this
agreement, but serve to identify and clarify issues. These
annotations are provided by the Sales Associate, not Reston Homes, Inc.)
This agreement is made on , between (first & last name) ("Buyer") and Reston Homes, Inc. ("Broker").
In consideration of the services and facilities, the Broker is
hereby granted the right to represent the Buyer in the acquisition of
real property. (As used in this Agreement, "acquisition of real
property" shall include any purchase, option, exchange or lease or an
agreement to do so.)
1. BUYER'S REPRESENTATIONS.
The buyer represents that as of the commencement date of this agreement, the Buyer is not a party to
a buyer representation agreement with any other brokerage firm(This just means that you haven't signed this
agreement with another Realtor). The Buyer further represents
that the Buyer has disclosed to the Sales Associate information about any
properties that the Buyer has previously visited at any new homes
communities or resale "open houses", or that the Buyer has been shown
by any other real estate sales associate(s) in any area where the
Buyer seeks to acquire property under this agreement.
The buyer does or does not hold an active or inactive Virginia real
estate license.
2. TERM.
This Agreement commences when signed and, subject
to Paragraph 7, terminates at 12 p.m. on , (Select a date one month beyond your
expected relocation date)
3. RETAINER FEE.
The Broker, Reston Homes, Inc.,
acknowledges receipt of a retainer fee in the amount of (None), which
shall be subtracted from any compensation due the Broker under this
Agreement. The retainer is non-refundable and is earned when paid.
It is my policy that our Buyers pay no retainer
fee and that all commission fees be paid by the seller.
4. BROKER'S DUTIES.
The Broker and the Sales Associate
shall promote the interests of the Buyer by: (a) performing the terms
of this Agreement; (b) seeking property at a price and terms
acceptable to the Buyer this is a critical
feature of the Buyer Broker Agreement, as it requires me to work for
the specific goals of the Buyer not the Seller. In Virginia real
estate agents work on behalf of the Seller unless they have a Buyer
Broker Agreement such as this); (c) presenting in a timely
manner all written offers or counteroffers to and from the Buyer; (d)
disclosing to the Buyer all material facts related to the property or
concerning the transaction of which they have actual knowledge (this is also a critical feature of the Buyer Broker
Agreement, as it requires me to disclose any information I have which
is likely to allow for the Buyer to succeed with a reduced price
offer or to obtain purchase terms favorable to the Buyer); (e)
accounting for in a timely manner all money and property received in
which the Buyer has or may have an interest. Unless otherwise
provided by law or the Buyer consents in writing to the release of
this information, the Broker shall maintain the confidentiality of
all personal and financial information and other matters identified
as confidential by the Buyer, if that information is received from
the Buyer during the brokerage relationship. In satisfying these
duties, The Broker shall exercise ordinary care, comply with all
applicable laws and regulations, treat all prospective sellers
honestly and not knowingly give false information, and disclose
whether or not the Buyer's intent is to occupy the property as a
principal residence. In addition, the Broker may show the same
property to other buyers, represent other buyers, represent sellers
relative to other properties, or provide assistance to a seller or
prospective seller by performing ministerial acts (I might offer to fax a document for the seller, as
an example of a ministerial act) that are not inconsistent
with the Broker's duties under this Agreement.
5. BUYER'S DUTIES.
The Buyer shall: (a) work exclusively
with the Broker during the term of this Agreement; (b)pay the Broker,
directly or indirectly, the compensation set forth below(My fee will be paid entirely by the Seller, as
described below) ; (c) comply with the reasonable requests of
the Broker to supply any pertinent financial or personal data needed
to fulfill the terms of this Agreement(When
you find a home I will need a financial statement to supply to the
lender) ; (d) be available during the Broker's regular working
hours to view properties (I will work my
schedule around yours).
6. PURPOSE.
The Buyer is retaining the Broker to acquire
the following type of property: Any residential property in Northern
Virginia.
7. COMPENSATION.
In consideration of the time and effort
expended by the Broker on behalf of the Buyer, and in further
consideration of the advice and counsel provided to the Buyer, the
Buyer shall pay compensation ("Broker's Fee") to the Broker as
described below. The Broker's Fee, less the retainer fee, if any,
shall be earned, due and payable under any of these circumstances
whether the transaction is consummated through the services of the
Broker or otherwise:
(a) If the Buyer enters into a contract to acquire
real property during the term of this Agreement and goes to
settlement on that contract any time thereafter: OR
(b) If, within 60 days of expiration of this Agreement, the Buyer
enters into a contract to acquire real property that has been
described to or shown to the Buyer by the Broker during the term of
this Agreement, unless the Buyer has entered into a subsequent
"Exclusive Right to Represent Buyer" agreement with another real
estate broker; OR
(c) If, having entered into a enforceable contract to acquire real
property during the term of this Agreement, the Buyer defaults under
the terms of that contract.
The Broker's Fee shall be only that provided for in the MLS
listing, as Selling Agent Compensation. This
means that there will be no additional payment requested of the
Buyer, and that the entire commission paid will come exclusively from
the Seller.
If the seller or the seller's representative
offers compensation to the Buyer Broker, then the Buyer authorizes
the Broker to receive such compensation and the amount of such
compensation shall be credited against the Buyer's obligation to pay
the Broker's Fee (Since my fee always
equals the compensation offered by the seller, you will not have any
remaining fee to pay)
Any obligation incurred under this Agreement
on the part of the Buyer to pay the Broker's Fee shall survive the
term of this Agreement.
8. DISCLOSED DUAL
REPRESENTATION.
The Buyer
acknowledges that in the normal course of business the Broker may
represent sellers of properties in which the Buyer is interested. If
the Buyer wishes to acquire any property listed with the Broker, then
the Buyer will be represented in one of two ways that are permitted
under Virginia law in this situation. The written consent required
from the parties in each case will be accomplished via the execution
of the appropriate disclosure form at the time of the contract
offer.
Dual
representation occurs when a buyer
and seller in one transaction are represented by the same Broker and
the same Sales Associate. When the parties agree to dual
representation, the ability of the Broker and the Sales Associate to
represent either party fully and exclusively is limited. The
confidentiality of all clients shall be maintained as in paragraph 4
above.
Designated representationoccurs when a buyer and seller in one transaction
are represented by different Sales Associates affiliated with the
same Broker. Each of these Sales Associates, known as a Designated
Representative, represents fully the interests of a different client
in the same transaction. Designated Representatives are not dual
representatives if each represents only the buyer or only the seller
in a specific real estate transaction. Except for disclosure of
confidential information to the Broker, each Designated
Representative is bound by the confidentiality requirements in
paragraph 4 above. The Broker remains a dual representative.
CHECK ONE CHOICE IN EACH SECTION:
Dual
representation:The Buyer
does
ORdoes not
consent to be shown and to consider acquiring properties listed with
the Broker through the Sales Associate.
Designated
representation:The Buyer
does
OR
does not
consent to be shown and to consider acquiring properties listed with
the Broker through another Designated Representative associated with
the firm.
9. DISCLAIMER.
The Buyer acknowledges that the Broker is being retained solely as a real estate agent and is not an attorney, tax advisor, lender, appraiser, surveyor, structural engineer, home inspector or other professional service provider. The Buyer is advised to seek professional advice concerning the condition of the property or concerning legal and tax matters.
10. EQUAL OPPORTUNITY.
Properties shall be shown and made available to theBuyer without regard to race, color, religion, sex, handicap,
familial status or national origin as well as all classes protected
by the laws of the United States, the Commonwealth of Virginia and
applicable local jurisdictions.
11. OTHER PROVISIONS.
Properties shall be shown and made available to theBuyer without regard to race, color, religion, sex, handicap,
familial status or national origin as well as all classes protected
by the laws of the United States, the Commonwealth of Virginia and
applicable local jurisdictions.
12. MISCELLANEOUS.
/B>This Agreement, any exhibits and any addenda signedby the parties constitute the entire agreement between the parties
and supersede any other written or oral agreements between the
parties. This Agreement can only be modified in writing when signed
by both parties. In any action or proceeding involving a dispute
between the Buyer, the seller and/or the Broker, arising out of the
Agreement, or to collect the Broker's Fee, the prevailing party shall
be entitled to receive from the other party reasonable attorney's
fees to be determined by the court or arbitrator(s).
(NOTE: The Buyer should consult with the
Sales Associate before visiting any resale or new home or contacting
any other REALTORS representing sellers, to avoid the possibility of
confusion over the brokerage relationship and misunderstandings about
liability for compensation.)
__________________________________
Brokerage Firm (Broker)
__________________________________
Address
__________________________________
City, State, Zip Code
__________________________________(SEAL)
Broker/Sales Manager's Signature
__________________________________
Sales Associate's/Designated Representative's Printed name
