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.
The Oregon Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding document that outlines the agreement between a real estate buyer and a real estate broker. This agreement defines the responsibilities and obligations of both parties throughout the buying process. By signing this agreement, the buyer grants the broker the authority to act on their behalf when searching for and negotiating the purchase of a property. In Oregon, there are different types of Non-Exclusive Buyer-Broker Agreement and Agency Disclosure forms tailored to meet specific needs. 1. Oregon Non-Exclusive Buyer-Broker Agreement: This is the standard agreement used between a buyer and a broker. It establishes the broker as the buyer's representative and sets the terms of engagement, including the duration of the agreement, the broker's compensation, and the buyer's obligations. 2. Oregon Non-Exclusive Buyer-Broker Agreement (Short-Term): This agreement is similar to the standard agreement but is designed for a shorter timeframe. It is commonly used when buyers are unsure about their future plans or are exploring the market without a specific property in mind. 3. Oregon Non-Exclusive Buyer-Broker Agreement (Commercial): This agreement is specifically tailored for commercial real estate transactions. It addresses the unique challenges and considerations that arise in the commercial market, such as zoning requirements, lease negotiations, and property valuations. The purpose of the Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is to provide transparency and protect the interests of both the buyer and the broker. It ensures that the buyer has a dedicated representative who will advocate for their needs and guide them through the complexities of purchasing a property. This agreement also includes an Agency Disclosure, which outlines the broker's agency relationship with the buyer. The disclosure explains the different types of agency relationships, such as Seller's Agent, Buyer's Agent, Dual Agent, and Transaction Broker. It is important for buyers to understand these relationships to make informed decisions regarding their representation. In conclusion, the Oregon Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a crucial document that sets the foundation for the buyer-broker relationship. Different versions of this agreement cater to specific situations, such as standard residential purchases, short-term engagements, or commercial transactions. The Agency Disclosure component within the agreement clarifies the broker's role and responsibilities in representing the buyer's interests.
