The undersigned hereinafter designated as Buyer or Client, hereby engages iListing hereinafter designated as Broker, as Client’s sole and exclusive agent to locate property described below or other property acceptable to Buyer, and to negotiate terms and conditions acceptable to Buyer for purchase, exchange, lease, or option to buy.
IF A BUYER CHOOSES TO BE REPRESENTED AS A CLIENT, THE FOLLOWING SHALL APPLY:
- PROPERTY DESIRED: General description of possible suitable properties includes:
a. Type (residential, land, commercial, etc.): _________________________________________
b. Transaction (purchase, rent/lease, exchange, option, etc.): ___________________________
c. Location: _____________________________________________________________________
d. General Requirements of Property (continue on addendum if necessary): ______________
e. Date Required: ________________________________________________________________
f. Price Range: ___________________________________________________________________
g. Other Terms/Conditions (continue on addendum if necessary):________________________
- TIME OF COMMENCEMENT & DURATION OF AGENCY: Broker is granted authority as Buyer’s exclusive agent beginning on______________, 20_____ and continuing until, 20______ or until Buyer closes the purchase of real property that is the subject of Paragraph 1 hereinabove, whichever occurs first.
- CONDITION OF PROPERTY AND NECESSITY OF INSPECTION: Client acknowledges and agrees that:
- In locating properties for Client, Broker may rely on statements or representations of others, and that any given property may not satisfy all the requirements expressed by Client, and that Broker makes no representations whatsoever regarding the condition of the property or its suitability for Client’s intended purposes, and
- Broker and its associates (also sometimes referred to as licensees) lack the expertise to determine the condition of the property and, therefore, Client will not rely on any statements or omissions made by Broker or its associates regarding the condition of the property.
- Client, and not Broker, has the responsibility to determine or verify, either personally, or through, or with a licensed contractor or other representative of Client’s choosing, any and all conditions of the property material to Client’s decision to buy the property, and
- Client is aware that professional inspection services and/or contractors may be engaged for this purpose and that Broker and its associates strongly recommend the use of such professionals.
- LIMITED CONSENSUAL DUAL AGENCY – BROKER LISTED PROPERTY: see Company Policy on Addendum__________
- BROKER COMPENSATION: THE COMMISSION PAYABLE TO THE BROKER IN THIS TRANSACTION IS NOT SET BY THE BIRMINGHAM ASSOCIATION OF [email protected], BUT IN ALL CASES IS NEGOTIABLE BETWEEN THE BROKER AND CLIENT.
- BROKERAGE FEE:
- Purchase/Exchange: Client agrees to pay Broker, as compensation for assistance in locating property acceptable to Client and negotiating the purchase or exchange, a minimum fee of 2% of the purchase price plus a onetime $99 Setup/Admin fee. This will be paid out of fees received from the seller or seller’s broker.
- Purchase Option: Client agrees to pay Broker as compensation for obtaining an option on a property acceptable to Client a fee $2099, and to pay Broker the balance of a fee of 2% of the purchase price plus $99 Setup/Admin fee in the event the option is exercised by Client or Client’s assignee.
- Lease: Client agrees to pay Broker as compensation for locating a property acceptable to Client and negotiating a lease thereon a fee of 15% of first year’s lease.
- BROKERAGE FEE:
- PAYMENT OF FEE BY THIRD PARTIES: Broker agrees that, if it receives a fee or commission from the seller or seller’s broker, that 1% of the fee received shall be credited to the Client hereunder or a total of $2099 will be paid to the Broker out of these fees if purchase price is below $200,000 and the balance will be credited to the Client. The payment of any compensation or fee accepted by Broker from the seller or seller’s broker will be in lieu of any obligation by Client to pay the compensation, as agreed above.
- EXCLUSIVE AGENCY: COMMISSION EARNED ON COMPLETION OF
TRANSACTION AFTER EXPIRATION. If Client acquires property shown by Broker during the period of this Agreement or within 180 days after expiration of this Agreement, the Client is obligated to pay Broker the commission described hereinabove. If the Client is contacted directly by a Seller or other real estate agent or broker, the Client shall refer them to Broker.
- AFFILIATED BUSINESS ARRANGEMENTS: Buyer is hereby notified that Broker has a business relationship with the following companies, and those relationships may provide Broker a financial or other benefit: Complete Title Services (Closing and Title), Mortgage Linc (Mortgage Services), American Risk Management (Insurance and Investment Services)
- PRIVACY AND SECURITY POLICY: As part of Broker’s business operations, we collect nonpublic personal information on applications and other forms. It is our policy that we may disclose any or all of the non-public information that we collect to affiliated and/or non-affiliated companies that perform services or functions on our behalf (for example, private mortgage, insurance, and/or quality control companies) and other non-affiliated financial institutions with whom we may have a joint marketing agreement (for example, insurance companies). Broker restricts access to non-public personal information about you to those employees whom we determine have a legitimate business purpose to access such information.
- NONDISCRIMINATION: It is illegal to discriminate in the sale or lease of real estate because of race, color, religion, handicap, familial status, sex, or national origin.
This agreement is intended to be the legal and binding contract of all parties and may affect your legal rights. If not understood, seek competent legal advice. Signatures on this Agreement may be obtained on facsimile copies for the purpose of contractual agreement; therefore, such facsimile signatures shall be deemed legal and binding.