The Buyer Broker Exclusive Employment Agreement serves as a fundamental document in U.S. real estate transactions, protecting both broker and buyer interests. This agreement is typically used when a property buyer seeks dedicated professional representation in their search for and purchase of real estate. The contract details the exclusive nature of the relationship, preventing the buyer from working with other brokers while spelling out the broker's obligations to act in the buyer's best interest. It includes essential elements such as property search criteria, commission structures, term length, and termination conditions, all while complying with state-specific real estate regulations and federal laws.
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1. Parties: Identification of the buyer and broker with full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of broker's duties and responsibilities
5. Term of Agreement: Duration and termination conditions
6. Compensation: Commission structure and payment terms
7. Broker's Obligations: Specific duties the broker agrees to perform
8. Buyer's Obligations: Buyer's commitments and responsibilities
1. Dual Agency Provisions: Terms governing potential dual agency situations when broker may represent both buyer and seller
2. Property Specifications: Detailed criteria for properties sought when buyer has specific property requirements
3. Alternative Dispute Resolution: Mediation and arbitration procedures when parties prefer alternative to litigation
1. Agency Disclosure Form: State-mandated disclosure of agency relationships
2. Property Requirements Schedule: Detailed list of buyer's property preferences and requirements
3. Commission Schedule: Detailed breakdown of commission structures and scenarios
4. Service Area Map: Geographic boundaries of broker's service area
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