The Buyer Representation Form serves as a crucial document in U.S. real estate transactions, protecting both the buyer's and agent's interests. This agreement is typically used when a potential buyer wants to engage a real estate professional's services exclusively in their property search. The form details the agent's duties, including property search, negotiation assistance, and transaction coordination, while specifying the geographic area, property types, and price range of interest. It ensures compliance with state-specific real estate laws and professional standards, establishing clear expectations and responsibilities for all parties involved.
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1. Parties: Identification of the buyer and the real estate agent/broker
2. Background: Purpose of the representation agreement and context of the relationship
3. Definitions: Key terms used throughout the agreement including 'Property', 'Services', 'Term', and 'Commission'
4. Scope of Services: Detailed description of services to be provided by the agent including property search, negotiations, and advice
5. Term of Agreement: Duration of the representation relationship and termination provisions
6. Compensation: Fee structure, payment terms, and commission arrangements
7. Agency Relationship: Nature and scope of the agency relationship, including fiduciary duties
8. Representations and Warranties: Statements of fact and promises made by both parties
9. Termination: Conditions and procedures for ending the agreement
1. Dual Agency: Terms and conditions for situations where the broker may represent both buyer and seller
2. Property Preferences: Specific criteria and requirements for desired property
3. Transaction Coordination: Additional terms for transaction coordination services
4. Protected Properties: List of properties already shown to buyer that would be subject to commission
1. Schedule A - Agency Disclosure Form: State-mandated agency relationship disclosure form
2. Schedule B - Service Area Map: Geographic area covered by the agreement
3. Schedule C - Fee Schedule: Detailed breakdown of fees and commissions
4. Schedule D - Property Requirements Checklist: Detailed list of buyer's property preferences and requirements
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