AI Buyer Representation Agreement

1. Appointment and Scope of Representation

Buyer appoints the Brokerage and Agent as Buyer's exclusive or non-exclusive representative for the purpose of locating, negotiating, and acquiring real property.

Representation Type: [[Exclusive / Non-Exclusive]]

The Brokerage will use reasonable efforts to locate properties that meet Buyer's criteria described in Section 3.

2. Term of Agreement

This Agreement begins on [[Start Date]] and continues until [[Expiration Date]] unless earlier terminated under Section 8 or extended by written agreement of the parties.

3. Buyer's Search Criteria and Objectives

Geographic area(s): [[Search Area(s)]]

Property type(s): [[Property Type(s)]]

Target price range: [[Price Range]]

Other material criteria: [[Other Buyer Criteria]]

Buyer may update criteria in writing at any time. The Brokerage will adjust search efforts accordingly.

4. Brokerage Compensation

Buyer agrees that the Brokerage's compensation for services under this Agreement shall be:

Compensation Amount: [[Compensation Amount or Percentage]] (e.g., flat fee, percentage of purchase price, or other arrangement).

Source of Compensation: Buyer authorizes the Brokerage to seek compensation from the seller or the listing brokerage where offered. If the compensation offered by seller or listing brokerage is less than the amount above, Buyer is responsible for the difference and shall pay it to the Brokerage at closing or as otherwise agreed.

Post-2024 NAR Settlement Note: Buyer-broker compensation is fully negotiable and must be disclosed in this Agreement. It is not set by any MLS or assumed from any offer of compensation in the MLS.

The compensation is earned upon the Buyer entering into a binding contract to purchase a property introduced or negotiated by the Brokerage and is payable at closing unless otherwise agreed.

5. Protection Period / Holdover

If, within [[Protection / Holdover Period (days)]] after termination or expiration of this Agreement, Buyer purchases or contracts to purchase any property that was introduced to Buyer by the Brokerage or Agent during the term, the compensation set forth in Section 4 shall remain due and payable to the Brokerage as if this Agreement were still in effect.

This protection does not apply to properties for which Buyer had a prior written buyer representation agreement with another brokerage that was in effect at the time of introduction.

6. Duties Owed by Brokerage and Agent

The Brokerage and Agent owe Buyer the following duties:

1. Loyalty - to act in Buyer's best interest at all times within the scope of this Agreement.

2. Obedience - to follow Buyer's lawful instructions.

3. Disclosure - to disclose all material facts known to the Brokerage that affect the transaction or the property.

4. Confidentiality - to keep confidential all information provided by Buyer that is not required to be disclosed by law.

5. Reasonable Care and Skill - to exercise the degree of care and skill expected of a competent real estate professional.

6. Accounting - to account for all funds and documents received on Buyer's behalf.

The Brokerage will also provide the required agency relationship disclosure form at the first substantive contact.

7. Dual Agency and Limited Representation

If the Brokerage or Agent also represents the seller of a property in which Buyer becomes interested, the Brokerage may only proceed as a dual agent with the informed written consent of both Buyer and the seller.

Buyer acknowledges that in dual agency:

• The Brokerage cannot advocate exclusively for either party.

• The Brokerage must treat both parties honestly and cannot disclose confidential information of one party to the other without consent.

Buyer's Election Regarding Dual Agency: [[Buyer consents to dual agency / Buyer does not consent to dual agency]]

8. Termination

Either party may terminate this Agreement by providing written notice to the other party [[Termination Notice Period]] in advance.

Termination does not affect:

• The Brokerage's right to compensation on transactions covered by the protection period in Section 5.

• Any confidentiality obligations that survive termination.

• Any rights or remedies that accrued prior to termination.

9. Buyer Responsibilities

Buyer agrees to:

1. Work exclusively with the Brokerage and Agent during the term (if exclusive representation).

2. Provide accurate information about Buyer's financial ability and objectives.

3. Make decisions in a timely manner when properties are identified.

4. Conduct independent due diligence including inspections, title review, and legal/financial advice as needed.

5. Inform the Brokerage promptly of any properties Buyer locates independently.

10. Limitation of Liability and Disclaimer

The Brokerage and Agent are not responsible for:

• The condition of any property.

• The accuracy of information provided by third parties (sellers, inspectors, lenders, etc.).

• Legal or tax advice (Buyer should consult qualified professionals).

• Changes in market conditions or interest rates.

11. Governing Law and Venue

This Agreement is governed by the laws of [[Governing State / Province]]. Any dispute arising under this Agreement shall be resolved in the courts of the county or district where the Brokerage's principal office is located, unless the property is located elsewhere.

12. Entire Agreement; Amendments; Severability

This Agreement constitutes the entire understanding between the parties and supersedes all prior discussions and agreements. It may be amended only in a writing signed by both parties.

If any provision is held unenforceable, the remainder shall continue in full force.

13. Counterparts and Electronic Signatures

This Agreement may be executed in counterparts and by electronic signature, each of which shall be deemed an original.

14. Additional Terms

[[Additional Terms or Special Provisions]]

Signatures

BUYER

Signature: ______________________________ Date: ___________

Printed Name: [[Buyer Name(s)]]

Signature: ______________________________ Date: ___________

Printed Name: [[Additional Buyer Name]]

BROKERAGE / AGENT

Brokerage: [[Brokerage Name]]

By: ____________________________________ Date: ___________

Printed Name / Title: [[Agent Name]], Agent

License Number: [[Agent License Number]]

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*Sample template - not legal advice. Buyer representation agreements and compensation rules are subject to state and provincial law and brokerage policy. Post-NAR settlement (effective late 2024), compensation must be negotiated and set forth in writing in the buyer agreement. Verify current requirements with a licensed real estate attorney and your local real estate board or association before use. [[Brokerage / Agent Name]] and [[Buyer Name(s)]] acknowledge receipt of a copy of this Agreement.*