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.
A Kentucky Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a written contract between a prospective buyer and a real estate agent or broker who will be representing the buyer's interests in finding and purchasing a property. This agreement outlines the specific terms and conditions of the arrangement between the buyer and the agent, as well as the roles and responsibilities of both parties during the buying process. In Kentucky, there are different types of Non-Exclusive Buyer-Broker Agreements and Agency Disclosures that can be utilized: 1. Non-Exclusive Buyer-Broker Agreement: This type of agreement allows the buyer to work with multiple agents or brokers simultaneously. The agreement specifies that the buyer is not bound exclusively to one agent and can engage the services of other agents as well. 2. Exclusive Buyer-Broker Agreement: In contrast to the non-exclusive agreement, an exclusive buyer-broker agreement requires the buyer to work exclusively with a single agent or broker. The agreement ensures that the buyer will not seek the assistance of any other agent or broker during the specified term of the agreement. 3. Limited Agency Agreement: This agreement establishes limited agency representation, where a real estate agent represents both the buyer and the seller in a transaction. However, the agent is required to provide written informed consent and explain the potential conflicts of interest that may arise due to this dual representation. The Kentucky Non-Exclusive Buyer-Broker Agreement and Agency Disclosure typically includes essential details such as the names of the parties involved, the property type being sought, the desired area or location, the duration of the agreement, the agent's compensation, and any specific terms or conditions agreed upon by both parties. By entering into this agreement, the buyer acknowledges the agent's fiduciary duty to act in their best interests, diligently search for suitable properties, provide objective advice, negotiate on their behalf, and maintain confidentiality. The agreement also includes a disclosure section outlining the agency relationships involved, potential conflicts of interest, and the buyer's rights to receive agency representation. It is crucial for buyers in Kentucky to thoroughly review and understand the terms of the agreement before signing. Consulting with a real estate attorney or seeking legal advice can provide additional clarity and ensure that the buyer's interests are adequately protected throughout the property buying process.A Kentucky Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a written contract between a prospective buyer and a real estate agent or broker who will be representing the buyer's interests in finding and purchasing a property. This agreement outlines the specific terms and conditions of the arrangement between the buyer and the agent, as well as the roles and responsibilities of both parties during the buying process. In Kentucky, there are different types of Non-Exclusive Buyer-Broker Agreements and Agency Disclosures that can be utilized: 1. Non-Exclusive Buyer-Broker Agreement: This type of agreement allows the buyer to work with multiple agents or brokers simultaneously. The agreement specifies that the buyer is not bound exclusively to one agent and can engage the services of other agents as well. 2. Exclusive Buyer-Broker Agreement: In contrast to the non-exclusive agreement, an exclusive buyer-broker agreement requires the buyer to work exclusively with a single agent or broker. The agreement ensures that the buyer will not seek the assistance of any other agent or broker during the specified term of the agreement. 3. Limited Agency Agreement: This agreement establishes limited agency representation, where a real estate agent represents both the buyer and the seller in a transaction. However, the agent is required to provide written informed consent and explain the potential conflicts of interest that may arise due to this dual representation. The Kentucky Non-Exclusive Buyer-Broker Agreement and Agency Disclosure typically includes essential details such as the names of the parties involved, the property type being sought, the desired area or location, the duration of the agreement, the agent's compensation, and any specific terms or conditions agreed upon by both parties. By entering into this agreement, the buyer acknowledges the agent's fiduciary duty to act in their best interests, diligently search for suitable properties, provide objective advice, negotiate on their behalf, and maintain confidentiality. The agreement also includes a disclosure section outlining the agency relationships involved, potential conflicts of interest, and the buyer's rights to receive agency representation. It is crucial for buyers in Kentucky to thoroughly review and understand the terms of the agreement before signing. Consulting with a real estate attorney or seeking legal advice can provide additional clarity and ensure that the buyer's interests are adequately protected throughout the property buying process.
