Buyer Representation Agreement
TO ALL HOME BUYERS: Starting August 17, 2024 a Realtor® CANNOT show you a home listed by another brokerage unless you have a signed agreement with them. This is the legal settlement between the DOJ (US Department of Justice) and the National Association of Realtors. Usually it’s not a problem and we can zip over, show it to you and be done, however no Realtor® will be able to unlock a door for you without you first signing an agreement. This will be non-negotiable for any person that is a Realtor® per the legal settlement with the DOJ. The usual form between a buyer and a Realtor® is a Buyers Representation Agreement. That agreement is basically your contract between you and that Realtor® you hire saying you will be using them to buy a home and breaking down the roles, duties and responsibilities owed to you by your agent.
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Buyer's Representation Agreement
If you are having issues or concerns on this agreement please reach out to us. We are happy to go over the concerns and content of this agreement.
This Agreement is made between the Buyer/s below
Buyer/s Details
and RedKorr Realty, LLC, Texas License #9013020.
P.O. Box 310400, New Braunfels, TX 78130.
Phone Number: 210-888-2626
Company Email: [email protected]
Client appoints Broker as Client's real estate agent subject to the terms of this Agreement. In this agreement to purchase real property the "Market Area" the client will receive brokerage services in the State of Texas will be specified as follows.
Term of this Agreement:
This Agreement with redKorr Realty, LLC, is for a period of 75 days and will automatically renew for 30 more days unless the client submits an email to terminate prior to the 30 day renewal to [email protected] for a termination of the renewal. In addition this agreement becomes active and officially a contractual agreement on the date the client enters in the Date this Agreement Starts.
Broker Obligations: Broker must comply with the duties as required by law. Broker may represent other prospective buyers who may seek to acquire the same properties as Client. Broker will use Broker's best efforts to assist client in the acquisition and purchase of property in the market area.
Client Obligation: Client must work exclusively through Broker in acquiring property in the market area and inform other brokers, sales agents, and sellers that the Broker exclusively represents Client for the purpose of purchasing property in the market area and refer all such persons to Broker.
Broker Compensation/Fee:
Broker compensation or the sharing of compensation between Brokers is not set by law nor fixed, controlled, recommended, or suggested, by the Association of REALTORS®, MLS, or any listing service. Broker compensation is fully negotiable. Brokers independently determine their fees. The Buyer's Broker is prohibited from receiving compensation for brokerage services from any source that exceeds the amounts stated in this agreement with the exception of Additional Compensation also known as Bonus or the established Fee the Seller(s) or Seller’s Broker has committed and/or established to pay the Buyer’s Broker.
The Buyer’s Broker will be allowed by the Client to negotiate with the Seller(s) or the Seller’s Broker an amount of compensation that will be paid to the Buyer’s Broker for bringing forth their Buyer(s) Client.
Fees for compensation will be a percentage of the final sales price.
The amount negotiated by the Buyer's Broker with the Seller(s) or Seller’s Broker will be collected at closing and will be credited against the Buyer’s fee on this agreement to their Buyer's Broker. The negotiated compensation between the Brokers and/or the Seller(s) will be a separate agreement in writing and viewable to the Clients if they so request.
The Buyer’s Broker will seek to first obtain payment for the compensation of their fees from the Seller(s) or the Listing Broker. If such persons are not paying a Buyer’s Broker or refuse or fail to pay the Buyer’s Broker the amount specified the Client will pay the Buyer’s Broker is a maximum of 2% as compensation less any amount the Buyer’s Broker receives from such persons. It is also understood that the Buyer’s Broker may accept a lower compensation than that stated in this agreement at their discretion.
In the event the Seller(s) or the other Broker offers Additional Compensation also known as a Bonus, the Buyer will not obstruct or deny this additional compensation paid to the Buyer’s Broker. Once the additional compensation has been established or negotiated with the other Broker or Seller(s); the Buyer gives full rights to the Buyer’s Broker to accept the additional compensation.
Escrow Authorization: Client authorizes, and Broker may so instruct, any escrow or closing agent authorized to close a transaction for the acquisition of property contemplated by this agreement to collect and disburse to Broker all amounts Payable in cash to Broker in the Texas County that the transaction to purchase or lease resides.
REPRESENTATIONS:
Each person signing this agreement represents that the person has the legal capacity and authority to bind the respective party to this agreement.
Client represents that Client is not now a party to another buyer representation agreement with another broker for the acquisition of property in the market area.
Client represents that all information relating to Client's ability to acquire property in the market area Client gives to Broker is true and correct.
Broker is not authorized to execute any document in the name of or on behalf of Client concerning the Property.
Intermediary: If Client wishes to acquire one of the Broker's listing our company policy is to allow intermediary by broker appointment. Client authorizes Broker to act as an intermediary and Broker will notify Client that Broker will service the parties in accordance intermediary by broker appointment. If the client does not want brokerage services by intermediary then client cannot accept this Agreement and will stay a customer and the proper agency disclosures will be provided to the Buyer.
Competing Clients: Client acknowledges that Broker may represent other prospective buyers who may seek to acquire properties that may be of interest to Client. Client agrees that Broker may, during the term of this agreement and after it ends, represent such other prospects, show the other prospects the same properties that Broker shows to Client, and act as a real estate broker for such other prospects in negotiating the acquisition of properties that Client may seek to acquire.
CONFIDENTIAL INFORMATION:
During the term of this agreement or after its termination, Broker may not knowingly disclose information obtained in confidence from Client except as authorized by Client or required by law. Broker may not disclose to Client any information obtained in confidence regarding any other person Broker represents or may have represented except as required by law.
Unless otherwise agreed or required by law, a seller or the seller's agent is not obliged to keep the existence of an offer or its terms confidential. If a listing agent receives multiple offers, the listing agent is obliged to treat the competing buyers fairly.
MEDIATION: The parties agree to negotiate in good faith in an effort to resolve any dispute that may arise related to this agreement or any transaction related to or contemplated by this agreement. If the dispute cannot be resolved by negotiation, the parties will submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs of a mutually acceptable mediator.
DEFAULT: If either party fails to comply with this agreement or makes a false representation in this agreement, the non-complying party is in default. If Client is in default, Broker may terminate this agreement and Client will be liable for the amount of compensation that Broker would have received under this agreement if Client was not in default; Broker may also terminate this agreement and exercise any other remedy at law. If the Broker is in default, Client may exercise any remedy at law.
LIMITATION OF LIABILITY: Neither Broker nor any other broker, or their associates, is responsible or liable for any person's personal injuries or for any loss or damage to any person's property that is not caused by Broker. Client will hold broker, any other broker, and their associates, harmless from any such injuries or losses. Client will indemnify Broker against any claims for injury or damage that Client may cause to others or their property.
Addenda and other documents: : Addenda that are part of this Listing and other documents that Seller may need to provide are:
Information About Brokerage Services
Protect Your Family from Lead in Your Home
Mold Remediation Consumer Protection
Information about Special Flood Hazard Areas
Information Concerning Property Insurance
For Your Protection: Get a Home Inspection
General Information and Notice to Buyers Wire Fraud Warning and Sellers
Other Addendums may be required
Additional Notices:
In accordance with fair housing laws and the National Association of REALTORS® Code of Ethics, Broker's services must be provided without regard to race, color, religion, national origin, sex, disability, familial status, sexual orientation, or gender identity. Local ordinances may provide for additional protected classes (for example, creed, status as a student, marital status, or age).
Broker is not a property inspector, pest inspector, appraiser, surveyor, engineer, environmental assessor, or compliance inspector. Client should seek experts to render such services in any acquisition.
If Client purchases property, Client should have an abstract covering the property examined by an attorney of Client's selection, or Client should be furnished with or obtain a title policy.
Client may purchase a residential service contract. Client should review such service contract or the scope of coverage, exclusions, and limitations. The purchase of a residential service contract is optional. There are several residential service companies operating in Texas.
When viewing a property, Client might be recorded or otherwise monitored without Client's knowledge or consent. Additionally, consult an attorney before recording or photographing a property without Owner's knowledge or consent.
To reduce risk of wire fraud, Client should refrain from transmitting personal information, such as bank account or other financial information, via unsecured email or other electronic communication. If Client receives any request to wire funds, even if the communication appears to come from a legitimate source, Client should verify its authenticity prior to transferring any funds. Verification should be made in person or via phone call using a recognized phone number not found in the communication. Broker will not send Client any electronic communication with instructions to wire funds or to provide personal information.
CONSULT AN ATTORNEY: Broker cannot give legal advice. This is a legally binding agreement. READ IT CAREFULLY. If you do not understand the effect of this agreement, consult your attorney BEFORE signing.
Thank You For Understanding.
These are the new rules and guidelines
that all Realtors must follow.
Thank You For Your Business!
redKorr Realty, LLC
210-888-2664
redKorr Realty, LLC - Texas Lic# 9013020
