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.
Massachusetts Non-Exclusive Buyer-Broker Agreement and Agency Disclosure: Understanding the Essentials In the state of Massachusetts, a Non-Exclusive Buyer-Broker Agreement and Agency Disclosure (WEBBED) is a legally binding document between a buyer and a real estate agent or broker. This agreement outlines the terms and conditions of the buyer's engagement with the real estate professional and establishes the agency relationship. Key Elements of a Massachusetts Non-Exclusive Buyer-Broker Agreement and Agency Disclosure: 1. Non-Exclusive Agreement: The WEBBED is non-exclusive, meaning the buyer is not restricted from working with other real estate agents or brokers while being represented under this agreement. This allows the buyer to explore different options without being tied to one agent exclusively. 2. Agent's Fiduciary Duties: The agreement stipulates the agent's fiduciary duties towards the buyer, including loyalty, confidentiality, full disclosure, accountability, and reasonable care. The agent is obligated to act in the buyer's best interest throughout the home buying process. 3. Services Provided: The WEBBED outlines the services the agent will provide, such as property searches, scheduling viewings, negotiating offers, reviewing contracts, and helping the buyer navigate the complexities of the home buying process. It ensures that the agent will use their expertise to guide and assist the buyer. 4. Compensation and Payment: The agreement establishes the compensation structure for the agent's services. Typically, the agent's commission is paid by the seller or listing broker, while the buyer does not have to bear any direct fees to the agent. This is because the commission is usually predetermined as a percentage of the home's sale price. 5. Duration and Termination: The WEBBED specifies the duration of the agreement, usually for a specific period, after which either party may terminate the agreement. It also outlines the conditions under which the agreement can be terminated, such as breach of contract, unsatisfactory performance, or mutual agreement. Types of Massachusetts Non-Exclusive Buyer-Broker Agreement and Agency Disclosure: 1. Standard WEBBED: The standard version is the most common agreement used in Massachusetts. It covers the essential aspects mentioned above, providing a comprehensive framework for the buyer-agent relationship. It offers flexibility to buyers who may want to work with multiple agents simultaneously. 2. Exclusive WEBBED: Although less common, an exclusive WEBBED restricts the buyer from working with other agents during the agreement's duration. This type may be suitable when the buyer wants undivided attention or special expertise from the agent, but it limits the buyer's options for seeking other professional opinions. 3. Limited Service WEBBED: This type of agreement is designed for buyers who have specific requirements or only need assistance with certain aspects of the home buying process. It outlines the limited services the agent will provide, such as property showings or contract negotiations, while excluding other services like property search or market analysis. In conclusion, the Massachusetts Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is an essential document that governs the relationship between a buyer and a real estate agent or broker. By familiarizing yourself with the intricacies of this agreement, you can ensure a transparent and beneficial partnership while navigating the intricate real estate landscape in Massachusetts.Massachusetts Non-Exclusive Buyer-Broker Agreement and Agency Disclosure: Understanding the Essentials In the state of Massachusetts, a Non-Exclusive Buyer-Broker Agreement and Agency Disclosure (WEBBED) is a legally binding document between a buyer and a real estate agent or broker. This agreement outlines the terms and conditions of the buyer's engagement with the real estate professional and establishes the agency relationship. Key Elements of a Massachusetts Non-Exclusive Buyer-Broker Agreement and Agency Disclosure: 1. Non-Exclusive Agreement: The WEBBED is non-exclusive, meaning the buyer is not restricted from working with other real estate agents or brokers while being represented under this agreement. This allows the buyer to explore different options without being tied to one agent exclusively. 2. Agent's Fiduciary Duties: The agreement stipulates the agent's fiduciary duties towards the buyer, including loyalty, confidentiality, full disclosure, accountability, and reasonable care. The agent is obligated to act in the buyer's best interest throughout the home buying process. 3. Services Provided: The WEBBED outlines the services the agent will provide, such as property searches, scheduling viewings, negotiating offers, reviewing contracts, and helping the buyer navigate the complexities of the home buying process. It ensures that the agent will use their expertise to guide and assist the buyer. 4. Compensation and Payment: The agreement establishes the compensation structure for the agent's services. Typically, the agent's commission is paid by the seller or listing broker, while the buyer does not have to bear any direct fees to the agent. This is because the commission is usually predetermined as a percentage of the home's sale price. 5. Duration and Termination: The WEBBED specifies the duration of the agreement, usually for a specific period, after which either party may terminate the agreement. It also outlines the conditions under which the agreement can be terminated, such as breach of contract, unsatisfactory performance, or mutual agreement. Types of Massachusetts Non-Exclusive Buyer-Broker Agreement and Agency Disclosure: 1. Standard WEBBED: The standard version is the most common agreement used in Massachusetts. It covers the essential aspects mentioned above, providing a comprehensive framework for the buyer-agent relationship. It offers flexibility to buyers who may want to work with multiple agents simultaneously. 2. Exclusive WEBBED: Although less common, an exclusive WEBBED restricts the buyer from working with other agents during the agreement's duration. This type may be suitable when the buyer wants undivided attention or special expertise from the agent, but it limits the buyer's options for seeking other professional opinions. 3. Limited Service WEBBED: This type of agreement is designed for buyers who have specific requirements or only need assistance with certain aspects of the home buying process. It outlines the limited services the agent will provide, such as property showings or contract negotiations, while excluding other services like property search or market analysis. In conclusion, the Massachusetts Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is an essential document that governs the relationship between a buyer and a real estate agent or broker. By familiarizing yourself with the intricacies of this agreement, you can ensure a transparent and beneficial partnership while navigating the intricate real estate landscape in Massachusetts.
