The non-exclusive agreement outlines the broker's/agent's duties and obligations to the buyer, agency relationships, broker scope of duty and buyer obligations; however, it does provide for compensation. It also removes the buyer's responsibility to pay a commission if the broker / agent is paid by another party such as the seller.
Rhode Island Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legal document designed to establish the relationship between a real estate agent or broker and a potential buyer in Rhode Island. This agreement outlines the agent's duties, responsibilities, and the nature of their representation towards the buyer during a real estate transaction. It also discloses the types of agency relationships that may be established between the parties involved. In Rhode Island, there are two primary types of Non-Exclusive Buyer-Broker Agreements and Agency Disclosures: 1. Non-Exclusive Buyer-Broker Agreement: This type of agreement allows the buyer to work with multiple real estate agents or brokers concurrently. It states that the buyer is not obligated to exclusively work with a particular agent, giving them the flexibility to seek assistance from other professionals in their property search. This agreement, however, acknowledges that the agent will provide their services diligently and in the best interest of the buyer. 2. Agency Disclosure: This disclosure emphasizes the importance of clarifying the agency relationship established between the buyer and the real estate agent or broker. Within this document, different agency options are disclosed, including: a) Seller's Agent: This means that the agent exclusively represents the seller's interests in a real estate transaction. They have a fiduciary duty to the seller and must act in their best interest. b) Buyer's Agent: In this scenario, the agent exclusively represents the buyer's interests and owes them fiduciary duties. The buyer's agent is responsible for assisting the buyer in finding suitable properties, negotiating offers, and advocating for their needs and preferences throughout the process. c) Dual Agent: A dual agent represents both the buyer and the seller in a transaction. This relationship requires full disclosure to both parties, and the agent must remain impartial and objective while providing guidance to each party. It is important for buyers in Rhode Island to enter into a Non-Exclusive Buyer-Broker Agreement and Agency Disclosure to establish a clear understanding of the agent's role, representation, and any potential conflicts of interest. By disclosing the different agency relationships, buyers can make an informed decision about the level of representation they desire during their real estate transaction.Rhode Island Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legal document designed to establish the relationship between a real estate agent or broker and a potential buyer in Rhode Island. This agreement outlines the agent's duties, responsibilities, and the nature of their representation towards the buyer during a real estate transaction. It also discloses the types of agency relationships that may be established between the parties involved. In Rhode Island, there are two primary types of Non-Exclusive Buyer-Broker Agreements and Agency Disclosures: 1. Non-Exclusive Buyer-Broker Agreement: This type of agreement allows the buyer to work with multiple real estate agents or brokers concurrently. It states that the buyer is not obligated to exclusively work with a particular agent, giving them the flexibility to seek assistance from other professionals in their property search. This agreement, however, acknowledges that the agent will provide their services diligently and in the best interest of the buyer. 2. Agency Disclosure: This disclosure emphasizes the importance of clarifying the agency relationship established between the buyer and the real estate agent or broker. Within this document, different agency options are disclosed, including: a) Seller's Agent: This means that the agent exclusively represents the seller's interests in a real estate transaction. They have a fiduciary duty to the seller and must act in their best interest. b) Buyer's Agent: In this scenario, the agent exclusively represents the buyer's interests and owes them fiduciary duties. The buyer's agent is responsible for assisting the buyer in finding suitable properties, negotiating offers, and advocating for their needs and preferences throughout the process. c) Dual Agent: A dual agent represents both the buyer and the seller in a transaction. This relationship requires full disclosure to both parties, and the agent must remain impartial and objective while providing guidance to each party. It is important for buyers in Rhode Island to enter into a Non-Exclusive Buyer-Broker Agreement and Agency Disclosure to establish a clear understanding of the agent's role, representation, and any potential conflicts of interest. By disclosing the different agency relationships, buyers can make an informed decision about the level of representation they desire during their real estate transaction.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
