Real Estate Exclusive Buyer Agreement Template for United States

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Key Requirements PROMPT example:

Real Estate Exclusive Buyer Agreement

"I need a Real Estate Exclusive Buyer Agreement for a commercial property search in California, with a six-month term starting January 2025, including specific provisions for dual agency and a commission rate of 2.5%."

Document background

The Real Estate Exclusive Buyer Agreement is a crucial document in U.S. real estate transactions that protects both buyers and brokers during the property search and acquisition process. This agreement is typically used when a buyer wants dedicated representation in their property search and is willing to work exclusively with one broker. The contract defines the scope of the broker's services, establishes commission structures, and outlines the duration of the exclusive relationship. It includes specific provisions required by state law and ensures compliance with federal regulations such as RESPA and the Fair Housing Act. The agreement is particularly important as it clarifies the fiduciary responsibilities of the broker and the expectations of the buyer.

Suggested Sections

1. Parties: Identification of the buyer and the real estate broker/agent

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Scope of Agency: Details of the exclusive representation relationship

5. Term: Duration of the agreement

6. Broker's Obligations: Services to be provided by the broker

7. Buyer's Obligations: Commitments and responsibilities of the buyer

8. Compensation: Commission structure and payment terms

Optional Sections

1. Dual Agency: Terms for potential dual agency situations where broker may represent both buyer and seller

2. Property Requirements: Specific criteria for properties sought by the buyer

3. Transaction Coordinators: Terms regarding use of transaction coordinators and additional professional support

Suggested Schedules

1. Agency Disclosure Form: State-mandated agency relationship disclosure

2. Buyer's Property Criteria: Detailed list of buyer's property requirements and preferences

3. Commission Schedule: Detailed breakdown of compensation structure

4. Required State Disclosures: State-specific mandatory disclosures and forms

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Industries

RESPA: Real Estate Settlement Procedures Act - Federal law governing real estate transactions, settlement processes, and required disclosures

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

ADA Compliance: Americans with Disabilities Act requirements ensuring equal access and accommodation in real estate transactions

ECOA: Equal Credit Opportunity Act protecting against discrimination in credit transactions related to real estate

TILA: Truth in Lending Act requiring disclosure of credit terms and costs in real estate financing

State Licensing Laws: State-specific requirements for real estate agent and broker licensing, including continuing education and practice requirements

Agency Disclosure Requirements: State-mandated rules for disclosing agency relationships between brokers, agents, and clients

State Broker Regulations: State-specific rules governing broker conduct, responsibilities, and obligations in real estate transactions

State Contract Laws: State-specific requirements for valid contracts, including essential elements and enforcement provisions

Consumer Protection Laws: State and federal laws protecting consumers in real estate transactions from unfair or deceptive practices

NAR Code of Ethics: National Association of REALTORSยฎ professional standards and ethical requirements for member conduct

Commission Rules: State real estate commission regulations governing professional conduct and transaction requirements

Local Board Requirements: Specific rules and standards set by local real estate boards for member compliance

Lead Paint Disclosure: Federal requirement for disclosure of lead-based paint hazards in properties built before 1978

Dual Agency Regulations: State-specific rules governing situations where a broker represents both buyer and seller in a transaction

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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