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 West Virginia Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding document that outlines the relationship between a real estate buyer and a real estate agent. It establishes the agent's duties, responsibilities, and obligations when representing the buyer in a real estate transaction. This agreement is designed to protect the buyer's interests by ensuring that the agent acts as a fiduciary and advocates on their behalf throughout the purchasing process. It also discloses the agency relationship between the buyer and the agent, ensuring transparency and full communication. There are several types of West Virginia Non-Exclusive Buyer-Broker Agreement and Agency Disclosure, including: 1. Non-Exclusive Buyer-Broker Agreement: This is the standard agreement that establishes the non-exclusive relationship between the buyer and the agent. It allows the buyer to work with other agents or search for properties independently while still benefiting from the agent's assistance. 2. Exclusive Buyer-Broker Agreement: This agreement grants exclusivity to the agent, meaning the buyer agrees to work exclusively with that agent for a specified period. In return, the agent provides dedicated services and commits to protecting the buyer's interests throughout the transaction. 3. Dual Agency Disclosure: In situations where the agent represents both the buyer and the seller in a transaction, a Dual Agency Disclosure is required. This disclosure informs the buyer about the potential conflicts of interest that may arise from the agent's dual role. 4. Designated Agency Agreement: In some cases, a real estate agency may assign different agents within the same brokerage to represent the buyer and seller separately. A Designated Agency Agreement clearly establishes the designated agents' roles and responsibilities in such situations. The West Virginia Non-Exclusive Buyer-Broker Agreement and Agency Disclosure form is a vital tool for both buyers and agents, as it ensures clear communication, sets expectations, and defines the working relationship. It is crucial for buyers to carefully review and understand the terms of the agreement before signing, as it lays the foundation for a successful real estate transaction.
