This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A South Dakota Contract to be an Exclusive Agent or Realtor for a Buyer and to Charge a Fixed Rate of Commission in a Real Estate Transaction is a legally binding agreement between a real estate agent (the exclusive agent or realtor) and a buyer. This contract establishes the terms and conditions under which the agent will represent the buyer in finding and purchasing a property, and outlines the fixed rate of commission that the agent will charge upon successful completion of the transaction. In South Dakota, there may be different types of contracts to be an exclusive agent or realtor for a buyer, depending on the specific services and terms agreed upon between the parties. Some common variations include: 1. Exclusive Right-to-Buy Agreement: This type of contract grants exclusive representation rights to the agent, meaning the buyer is prohibited from working with other agents during the contract period. The buyer agrees to compensate the agent with a fixed rate of commission if they purchase a property that was shown or introduced to them by the agent during the contract term. 2. Exclusive Agency Agreement: Similar to the exclusive right-to-buy agreement, this contract grants the agent exclusive representation rights. However, the buyer retains the right to find a property without the agent's assistance and is not obligated to pay a commission if they purchase a property without the agent's involvement. 3. Buyer-Broker Agreement: This type of contract establishes a fiduciary relationship between the agent and the buyer, where the agent is obligated to act in the buyer's best interests. The agent is granted exclusive representation rights during the contract period and receives a fixed rate of commission if the buyer purchases a property as a result of their efforts. In each type of South Dakota Contract to be an Exclusive Agent or Realtor for a Buyer and to Charge a Fixed Rate of Commission in a Real Estate Transaction, it is crucial to clearly specify the terms, duration, and conditions under which the commission will be earned, as well as any additional services the agent will provide. It is recommended that buyers thoroughly review the contract and seek legal counsel if needed to ensure all terms are fair and understood before entering into this agreement.
