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.
Georgia Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding contract that outlines the relationship between a real estate agent (the buyer's agent) and a prospective home buyer. This agreement establishes the terms and conditions under which the buyer's agent will assist the buyer in finding and purchasing a property. It also discloses the agency relationship between the buyer's agent and the buyer. The Non-Exclusive Buyer-Broker Agreement is designed to protect the buyer's interests and ensure full disclosure of the agent's role and responsibilities in the transaction. This agreement is "non-exclusive," meaning the buyer is not limited to working exclusively with one agent. However, it establishes a mutual commitment between the buyer and the agent for a specific period, usually 90 days to one year. The agreement typically includes key details such as the buyer's name, the agent's name, the duration of the agreement, the buyer's search criteria and preferences, and any specific instructions or requirements from the buyer. It also outlines the agent's obligations, such as conducting property searches, arranging showings, assisting with negotiations, and providing guidance throughout the buying process. Additionally, the Agency Disclosure section of the agreement clarifies which type of agency relationship exists between the buyer and the agent. In Georgia, there are three types of agency relationships: seller's agent, buyer's agent, and dual agent. The Non-Exclusive Buyer-Broker Agreement can be tailored to reflect the specific agency relationship the buyer desires. The first type of Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is for a buyer's agent representation. It establishes that the agent solely represents the buyer's interests and has a duty to act in the buyer's best interest, negotiate favorable terms, and maintain confidentiality. The second type of agreement is for a seller's agent representation. In this scenario, the agent represents the seller's interests, and while they can assist the buyer, their loyalty lies with the seller. Lastly, the Dual Agency Agreement acknowledges that the same real estate brokerage represents both the buyer and the seller in a transaction. It specifies that the agent's responsibilities will be divided, and they cannot advocate exclusively for either party. Dual agency requires full disclosure and written consent from both the buyer and seller. In summary, the Georgia Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is crucial in establishing the relationship between a buyer and their agent. It clarifies the agent's role, obligations, and the type of agency representation the buyer desires. Having this agreement in place protects the interests of both parties and ensures transparency throughout the home buying process.Georgia Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding contract that outlines the relationship between a real estate agent (the buyer's agent) and a prospective home buyer. This agreement establishes the terms and conditions under which the buyer's agent will assist the buyer in finding and purchasing a property. It also discloses the agency relationship between the buyer's agent and the buyer. The Non-Exclusive Buyer-Broker Agreement is designed to protect the buyer's interests and ensure full disclosure of the agent's role and responsibilities in the transaction. This agreement is "non-exclusive," meaning the buyer is not limited to working exclusively with one agent. However, it establishes a mutual commitment between the buyer and the agent for a specific period, usually 90 days to one year. The agreement typically includes key details such as the buyer's name, the agent's name, the duration of the agreement, the buyer's search criteria and preferences, and any specific instructions or requirements from the buyer. It also outlines the agent's obligations, such as conducting property searches, arranging showings, assisting with negotiations, and providing guidance throughout the buying process. Additionally, the Agency Disclosure section of the agreement clarifies which type of agency relationship exists between the buyer and the agent. In Georgia, there are three types of agency relationships: seller's agent, buyer's agent, and dual agent. The Non-Exclusive Buyer-Broker Agreement can be tailored to reflect the specific agency relationship the buyer desires. The first type of Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is for a buyer's agent representation. It establishes that the agent solely represents the buyer's interests and has a duty to act in the buyer's best interest, negotiate favorable terms, and maintain confidentiality. The second type of agreement is for a seller's agent representation. In this scenario, the agent represents the seller's interests, and while they can assist the buyer, their loyalty lies with the seller. Lastly, the Dual Agency Agreement acknowledges that the same real estate brokerage represents both the buyer and the seller in a transaction. It specifies that the agent's responsibilities will be divided, and they cannot advocate exclusively for either party. Dual agency requires full disclosure and written consent from both the buyer and seller. In summary, the Georgia Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is crucial in establishing the relationship between a buyer and their agent. It clarifies the agent's role, obligations, and the type of agency representation the buyer desires. Having this agreement in place protects the interests of both parties and ensures transparency throughout the home buying process.
