Buyers Agreement With Realtor Generator for the USA

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Key Requirements PROMPT example:

Buyers Agreement With Realtor

"I need a Buyer's Agreement with Realtor for a first-time home buyer in California, with specific provisions for virtual property viewings and a six-month term starting January 2025, including an option for dual agency representation."

Document background
The Buyer's Agreement with Realtor serves as the foundational document for establishing a professional relationship in real estate transactions within the United States. This agreement is typically used when a prospective buyer wishes to secure exclusive representation from a real estate professional in their property search. The document protects both parties by clearly defining roles, responsibilities, compensation, and the scope of services. It must comply with state-specific real estate laws and federal regulations, including the Real Estate Settlement Procedures Act (RESPA) and Fair Housing Act. The agreement typically includes provisions for property search criteria, showing services, negotiation assistance, and transaction coordination.
Suggested Sections

1. Parties: Identification of buyer and real estate agent/broker, including full legal names, addresses, and licensing information

2. Background: Context of the agreement establishing the buyer's intention to purchase real estate and the realtor's qualification to represent them

3. Definitions: Key terms used throughout the agreement including 'Property', 'Commission', 'Exclusive Right', 'Agency Relationship', etc.

4. Scope of Services: Detailed outline of services to be provided by the realtor including property search, showings, negotiations, and transaction assistance

5. Term of Agreement: Duration of the agreement, including start date, end date, and any renewal provisions

6. Compensation: Commission structure, payment terms, and circumstances under which commission is earned

7. Agency Relationship: Definition of the relationship between parties, duties, and obligations of the agent to the buyer

8. Termination Rights: Conditions under which either party may terminate the agreement and associated consequences

9. Representations and Warranties: Statements of fact and promises made by both parties regarding their capacity and authority

10. Governing Law: Specification of applicable state law and jurisdiction governing the agreement

Optional Sections

1. Dual Agency Provisions: Specific terms and conditions applicable when the broker may represent both buyer and seller in a transaction

2. Property Preferences: Detailed criteria for property search including location, price range, and specific features

3. Virtual Services: Terms governing virtual property tours, remote viewings, and digital service delivery

4. Team Representation: Terms applicable when multiple agents from the same brokerage may assist in representing the buyer

5. Out-of-State Property Provisions: Special terms applicable for buyers looking to purchase property in other states

Suggested Schedules

1. Schedule A - Agency Disclosure Form: State-mandated disclosure form explaining agency relationships and responsibilities

2. Schedule B - Commission Schedule: Detailed breakdown of commission structures and payment terms

3. Schedule C - Property Requirements Checklist: Comprehensive list of buyer's specific property criteria and preferences

4. Schedule D - Service Area Map: Geographic boundaries defining the area where the realtor will provide services

5. Schedule E - Required State Disclosures: Collection of state-mandated forms and disclosures

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

Clauses
Industries

RESPA: Real Estate Settlement Procedures Act - Federal law governing real estate transactions, including requirements for disclosures about settlement costs and prohibition of kickbacks

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

Americans with Disabilities Act: Federal law ensuring equal access and prohibiting discrimination against individuals with disabilities in real estate transactions

Truth in Lending Act: Federal law requiring disclosure of credit terms and standardizing the manner in which costs associated with borrowing are calculated and disclosed

Equal Credit Opportunity Act: Federal law prohibiting discrimination in credit transactions, including real estate financing

State Real Estate Licensing Laws: State-specific regulations governing the licensing and conduct of real estate professionals

State Agency Disclosure Requirements: State laws requiring specific disclosures about the nature of the agency relationship between realtor and client

State Real Estate Commission Regulations: Rules and regulations set by state real estate commissions governing professional conduct and transaction requirements

State Contract Laws: State-specific laws governing the formation, execution, and enforcement of contracts

State Consumer Protection Laws: State laws designed to protect consumers in real estate transactions from unfair or deceptive practices

NAR Code of Ethics: Professional standards and ethical requirements established by the National Association of REALTORS��

State REALTOR�� Association Guidelines: Additional professional standards and requirements established by state-level REALTOR�� associations

Local REALTOR�� Board Rules: Specific rules and requirements established by local REALTOR�� boards for their members

Agency Relationship Requirements: State laws defining and governing various types of agency relationships in real estate transactions

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

Commission Structure Regulations: State laws governing how real estate commissions can be structured and disclosed

Documentation Requirements: State-mandated forms, disclosures, and essential contract elements required in real estate transactions

Digital Signature Laws: State and federal laws governing the validity and requirements for electronic signatures in real estate transactions

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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