Buyer Representation Agreement
Hot On Real Estate Services, LLC (hereafter referred to as "Broker")
Your Name (hereafter referred to as "Buyer")
IN CONSIDERATION of the real estate brokerage services performed by Broker in assisting Buyer in locating, negotiating and answering Buyer's questions relating to the purchase of a new home constructed (or to be constructed) by the Builder in the Community selected by Buyer (the "Property"), the parties agree as follows:
1. Appointment. Buyer hereby irrevocably appoints Broker as Buyer's exclusive agent to represent and assist Buyer in the purchase of the Property or any other new home purchased from Builder in the Community.
2. Term of Agreement. The term of this Agreement commences on [Registration Date] and expires on the date ten (10) days thereafter (the "Expiration Date").
3. Broker's Duties. Broker agrees to aid and assist Buyer in negotiating the terms and conditions for the purchase of the Property; to assist Buyer in preparing an offer (or counteroffer); to answer Buyer's question; and to perform any other minimum services required by Texas law. At the time of initial contact, Broker shall inform all prospective sellers with whom Broker negotiates pursuant to this Agreement that Broker is the agent of Buyer. Broker will use Broker's best efforts to procure acceptance of an offer to purchase the Property on terms and conditions favorable to Buyer. BUYER AGREES THAT BROKER SHALL HAVE NO LIABILITY FOR ANY DISCOUNTS OR INCENTIVES OFFERED BY THE BUILDER TO BUYER.
4. Buyer's Duties. Buyer shall conduct through Broker all negotiations for the purchase of the Property during the term hereof and any and all extensions or renewals hereof.
5. Professional Service Fee. Buyer acknowledges that a Professional Service Fee in an amount not less than 3.0% of the base sales price of the Property will be due and payable to Broker by the Builder for services rendered by Broker pursuant to this Agreement.
6. Competing Buyers. Buyer acknowledges that Broker may be representing other prospective buyers competing for some of the same or similar properties being shown by Broker to Buyer. Buyer consents to such competing representation by Broker of such other prospective buyers during the term hereof as well as after the Expiration Date or other termination of this Agreement.
7. Non Discrimination. The parties hereto shall perform their obligations hereunder without regard to the race, color, religion, national origin, marital status, sex, handicap, or familial status of any prospective seller or Property owner.
8. Disbursement. Any escrow agent or title company authorized to close any transaction covered by this Agreement is hereby empowered and authorized to collect and disburse to Broker the Professional Service Fee due hereunder.
9. Legal Fees. In the event that it becomes necessary for Broker to retain an attorney to secure payment of a Professional Service Fee, in addition to all other amounts to which Broker may be entitled, Broker shall be entitled to recover all costs of suit and reasonable attorneys' fees.
10. Choice of Law; Integration. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. Buyer acknowledges that Buyer has read and understands this Agreement and that this instrument contains the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein. All prior negotiations, understandings and agreements, both oral and written, are hereby superseded and merged into this Agreement. This Agreement shall not be modified except by written amendment duly executed by Buyer and Broker.
11. Notice to Buyer. In the event that Buyer executes a contract to purchase the Property (the "Contract"), Buyer should either have the abstract covering the real property which is the subject of the Contract examined by an attorney of the Buyer's own selection or be furnished with or obtain a policy of title insurance. Broker shall have no obligation to perform or to cause to be performed any of such services for or on behalf of Buyer.
12. Binding Effect. This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, executors, successors, and permitted assigns.
THIS IS A LEGAL DOCUMENT. READ IT CAREFULLY, IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART OF THIS AGREEMENT, SEEK COMPETENT LEGAL ADVICE.
Buyer Representation Agreement last update 03/07/2008