Exclusive Buyer Agency Agreement New Jersey

In accordance with this clause, you agree to cooperate only with the buyer and the agency you have chosen. This means you can`t turn around and ask another agent to show you a property or write an offer to buy for you. The contract has a delay (usually a few months) until you are tied to your agent. If you buy a home within this time, you are required to pay the agent a commission rate that has been previously agreed. However, if you come into conflict with your agent, you have the right to request another one from the Agency. The agreement applies with the brokerage agency, not with the individual agent. Here is the amount of compensation your agent will earn if a sale takes place. This is usually 5-6% of the selling price and it is negotiable like most things. The text of the document should also specify that if the seller pays compensation for the proceeds of the sale, then you are not obliged to pay anything more. It is very unusual for a buyer to be asked to pay the commission out of his own pocket. Like many lingo real estate, this contract goes through many names.

Buyer`s agency agreement, buyer-broker agreement, exclusive buyer agency agreement, etc. No matter what they call, they all break down into a few key elements. These will be the obligations of the agent, the rights of the buyer, how the commission is treated and how your relationship with the agent works. 9. DUAL AGENCY: The buyer understands that the buyer`s representative can choose to represent a seller as well as the buyer when selling and buying that seller`s property. In this case, the buyer acknowledges that the buyer`s representative will be an agent of the duel and, in accordance with the law, must obtain the written consent of the seller and the buyer for the buyer`s representative to be a disclosed double agent. The buyer understands that by accepting the buyer`s representative to be a disclosed double agent, there is a restriction on the ability of the buyer`s representative to either represent the buyer or to sell in full and exclusively. The buyer`s representative, when acting as a disclosed double agent, cannot put the seller`s interests or the buyer`s interests ahead of those of the seller.