According to the National Association an Exclusive Buyer's Agent is an agent whose company represents only the buyer's best interests on any home the buyer wants to purchase, including homes listed by the buyer agent's company.
Fairfax Virginia Exclusive Buyer-Broker Agreement, also known as the Virginia Exclusive Buyer-Broker Agreement and Agency Disclosure, is a legally binding document that outlines the relationship between a buyer and a real estate agent in Fairfax, Virginia. This agreement is essential for buyers seeking the dedicated representation of a real estate professional throughout their home buying journey. By signing this agreement, the buyer and the agent establish a mutual understanding of their roles, responsibilities, and obligations. In Fairfax, there are different types of Exclusive Buyer-Broker Agreements and Agency Disclosures available: 1. Exclusive Agency Agreement: This type of agreement grants the buyer's agent the exclusive right to represent the buyer but allows the buyer to search for properties and potentially purchase a property through another agent or directly from the seller without owing a commission to the buyer's agent. 2. Exclusive Right-to-Represent Agreement: With this agreement, the buyer agrees to work exclusively with one particular agent or brokerage firm. The buyer cannot engage other agents or firms during the agreement's duration. If the buyer purchases a property through another agent or independently, they may still owe a commission to the exclusive agent. 3. Dual Agency Agreement: In certain situations, a real estate agent may act as a dual agent, representing both the buyer and the seller in a transaction. This agreement discloses the agent's dual role and ensures transparency throughout the process. It is important to note that dual agency is subject to certain legal restrictions and requires the informed consent of both parties involved. The Virginia Exclusive Buyer-Broker Agreement and Agency Disclosure typically include the following key elements: 1. Identification of the parties involved: The agreement identifies the buyer(s) and the buyer's agent, along with their contact information. 2. Duration of the agreement: The agreement specifies the length of the contractual relationship between the buyer and the agent, usually ranging from a few months to a year. 3. Agent's duties and responsibilities: The agreement outlines the agent's obligations to the buyer, including providing guidance, market research, property showings, negotiation assistance, and transaction management. 4. Buyer's obligations: The buyer acknowledges their commitment to work exclusively with the agent during the agreement's term, in addition to providing accurate information, cooperating in the property search, making prompt decisions, and fulfilling financial obligations. 5. Compensation details: The agreement clarifies the commission structure and how the agent will be compensated. It may also state whether the commission will be paid by the buyer, the seller, or a combination of both. 6. Agency relationship disclosure: This section discloses the type of agency relationship being established between the buyer and the agent, such as exclusive representation, dual agency, or subagency. 7. Termination clause: The agreement includes conditions under which either party can terminate the agreement before its expiration date, including provisions for notice periods and potential penalties. It is crucial for buyers in Fairfax, Virginia, to carefully review and understand the Exclusive Buyer-Broker Agreement and Agency Disclosure before signing it. Consulting with a real estate attorney or seeking professional advice is recommended to ensure clarity and protection of their best interests throughout the home buying process.Fairfax Virginia Exclusive Buyer-Broker Agreement, also known as the Virginia Exclusive Buyer-Broker Agreement and Agency Disclosure, is a legally binding document that outlines the relationship between a buyer and a real estate agent in Fairfax, Virginia. This agreement is essential for buyers seeking the dedicated representation of a real estate professional throughout their home buying journey. By signing this agreement, the buyer and the agent establish a mutual understanding of their roles, responsibilities, and obligations. In Fairfax, there are different types of Exclusive Buyer-Broker Agreements and Agency Disclosures available: 1. Exclusive Agency Agreement: This type of agreement grants the buyer's agent the exclusive right to represent the buyer but allows the buyer to search for properties and potentially purchase a property through another agent or directly from the seller without owing a commission to the buyer's agent. 2. Exclusive Right-to-Represent Agreement: With this agreement, the buyer agrees to work exclusively with one particular agent or brokerage firm. The buyer cannot engage other agents or firms during the agreement's duration. If the buyer purchases a property through another agent or independently, they may still owe a commission to the exclusive agent. 3. Dual Agency Agreement: In certain situations, a real estate agent may act as a dual agent, representing both the buyer and the seller in a transaction. This agreement discloses the agent's dual role and ensures transparency throughout the process. It is important to note that dual agency is subject to certain legal restrictions and requires the informed consent of both parties involved. The Virginia Exclusive Buyer-Broker Agreement and Agency Disclosure typically include the following key elements: 1. Identification of the parties involved: The agreement identifies the buyer(s) and the buyer's agent, along with their contact information. 2. Duration of the agreement: The agreement specifies the length of the contractual relationship between the buyer and the agent, usually ranging from a few months to a year. 3. Agent's duties and responsibilities: The agreement outlines the agent's obligations to the buyer, including providing guidance, market research, property showings, negotiation assistance, and transaction management. 4. Buyer's obligations: The buyer acknowledges their commitment to work exclusively with the agent during the agreement's term, in addition to providing accurate information, cooperating in the property search, making prompt decisions, and fulfilling financial obligations. 5. Compensation details: The agreement clarifies the commission structure and how the agent will be compensated. It may also state whether the commission will be paid by the buyer, the seller, or a combination of both. 6. Agency relationship disclosure: This section discloses the type of agency relationship being established between the buyer and the agent, such as exclusive representation, dual agency, or subagency. 7. Termination clause: The agreement includes conditions under which either party can terminate the agreement before its expiration date, including provisions for notice periods and potential penalties. It is crucial for buyers in Fairfax, Virginia, to carefully review and understand the Exclusive Buyer-Broker Agreement and Agency Disclosure before signing it. Consulting with a real estate attorney or seeking professional advice is recommended to ensure clarity and protection of their best interests throughout the home buying process.
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.
