According to the National Association an Exclusive Buyer's Agent is an agent whose company represents only the buyer's best interests on any home the buyer wants to purchase, including homes listed by the buyer agent's company.
A West Virginia Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding contract between a real estate buyer and a real estate broker. This agreement outlines the relationship between the buyer and the broker while clearly defining their roles and responsibilities during the home-buying process. By signing this agreement, the buyer agrees to work exclusively with the broker for a specified period of time. In West Virginia, there are different types of Exclusive Buyer-Broker Agreements and Agency Disclosures based on the level of agency representation provided by the broker. The most common types include: 1. Exclusive Buyer Agency Agreement: This agreement establishes a fiduciary relationship between the buyer and the broker. The broker becomes the buyer's exclusive representative, working solely in their best interest. This agreement ensures that the buyer's interests are protected and that the broker is obligated to negotiate and advocate on their behalf. 2. Dual Agency Agreement: In certain situations, a broker may represent both the buyer and the seller in a transaction. However, dual agency must be disclosed and agreed upon by both parties. This type of agreement requires the broker to remain neutral and not advocate for either party's interests. 3. Non-Exclusive Buyer Agency Agreement: This agreement allows the buyer to work with multiple brokers simultaneously. The buyer is not bound to one specific broker and can engage the services of other brokers as well. However, the buyer may be required to pay a commission to the broker who successfully helps them find a property. 4. Designated Agency Agreement: This agreement allows for the appointment of a designated agent within a brokerage to exclusively represent the buyer. In this scenario, the designated agent owes their fiduciary duties solely to the buyer, providing undivided loyalty, obedience, and confidentiality. When entering into a West Virginia Exclusive Buyer-Broker Agreement and Agency Disclosure, it is crucial for both the buyer and the broker to carefully review and understand its terms. Consulting with a qualified real estate attorney or seeking professional advice is highly recommended ensuring all parties are fully aware of their rights and obligations throughout the home-buying process.
