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 Washington Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding document that outlines the terms and conditions between a buyer and a real estate broker. This agreement serves to establish the relationship between the buyer and the broker and outline the rights and responsibilities of both parties involved in the real estate transaction. The purpose of the Non-Exclusive Buyer-Broker Agreement is to ensure that the buyer receives representation and guidance from a licensed real estate broker throughout the home buying process. It clarifies the extent of the broker's services, including searching for suitable properties, negotiating offers, and providing expert advice. One key aspect of the agreement is the disclosure of the broker's agency relationship with the buyer. The disclosure section explains the different types of agency relationships that exist in real estate transactions, including: 1. Seller's Agent: A real estate broker who represents the seller's interests exclusively. In this case, the broker owes fiduciary duties to the seller, such as loyalty, confidentiality, and full disclosure. 2. Buyer's Agent: A real estate broker who exclusively represents the buyer's interests. This type of representation ensures that the broker is working solely for the buyer's benefit, providing undivided loyalty, confidentiality, and advocacy. 3. Dual Agent: A real estate broker who represents both the buyer and the seller in a transaction. Dual agency must be disclosed to all parties involved, and the broker must act neutrally and impartially, without advocating for either party. 4. Designated Broker: In some cases, a real estate brokerage firm may assign different brokers within the same agency to represent the buyer and seller separately. Each designated broker acts independently and represents the interests of their respective clients. By signing the Non-Exclusive Buyer-Broker Agreement and Agency Disclosure, the buyer acknowledges the agency relationship they have with the broker. This agreement also establishes the compensation structure for the broker, typically in the form of a commission based on the final sale price of the property. It is crucial for buyers to carefully review the agreement, understand the terms, and ask any questions before signing. It is highly recommended seeking legal counsel or professional advice to ensure a full understanding of the rights and obligations described in the Washington Non-Exclusive Buyer-Broker Agreement and Agency Disclosure.
