BUYER / SELLER AGENCY AGREEMENT
This Buyer / Seller
(“Agreement”), dated as of _____________________________,is made by and between:
Seller” whose address
telephone number (________)________________________, Fax No.
(“Agent”), whose address is
Buyer / Seller desires to buy /
sell property meeting the following specifications (or at the following
location if selling):
Approximate building size:
Approximate land size:
This Agreement commences on
________________________________, _______________, and expires at
5:00 P.M. on
_____________________________, _____________, (“Term”).
Agent shall use reasonably
diligent efforts to find a property for purchase (or to sell propery if selling)
which meets the Buyer / Seller’s Specifications. However, Buyer / Seller is
under no obligation to make any such purchase (or sale)
EMPLOYMENT AND RIGHTS
Buyer / Seller hereby employs
Agent as Buyer / Seller’s sole and exclusive agent to represent Buyer / Seller
to find (sell) a property meeting Buyer / Seller’s Specifications. Agent shall
use reasonable and diligent efforts to find and submit suitable properties for
Buyer / Seller’s consideration. All negotiations and discussions shall be
conducted by Agent on behalf of Buyer / Seller. Buyer / Seller shall promptly
disclose and refer to Agent all written or oral inquiries or contacts it
receives from any source regarding a possible purchase (or sale).
Buyer / Seller specifically
authorizes Agent to:
(a) Solicit information on
listed and unlisted properties (“Property” or “Properties”) on Buyer / Seller’s
(b) Submit and obtain responses
to requests for proposals from third parties;
(c) At Buyer / Seller’s
direction, submit offers and deposits on Buyer / Seller’s behalf; and
(d) Transmit information
concerning Buyer / Seller’s Specifications to other brokers, owners of
potentially suitable property, governmental agencies, municipalities, and
listing services. Buyer / Seller shall identify to Agent as “confidential” any
communications or information provided to Agent that Buyer / Seller considers
confidential and desires not to be disclosed by Agent.
(e) Agent is not authorized to,
in any way, bind Buyer / Seller to buy (or directly sell) a particular property.
Agent shall cooperate with
brokers (“Cooperating Brokers”). If a Cooperating Broker represents the owner of
a property, then Agent shall act as agent for Buyer / Seller only and the
Cooperating Broker shall act as Agent for the property owner only.
Agent shall be entitled to be
(1) a commission in the amount
of _______________________; or
(2) in accordance with the
commission schedule attached hereto (both methods of compensation are
collectively referred to as “Agreed Commission”) if a purchase is consummated.
Said Agreed Commission is payable without regard to whether the Transaction is
consummated as a result of the efforts of the Agent, owner, or any other person
Agent shall endeavor to have the owner of the property purchased (“Owner”) pay
the commission owed to Agent. Agent may elect, at Agent’s sole discretion, to
accept Owner’s standard commission schedule in lieu of the Agreed Commission.
Buyer / Seller hereby agrees to use its best efforts to support and assist Agent
in collecting such brokerage commission from Owner.
In the event Owner or Owner’s
agent insists on a commission amount or commission terms less than the Agreed
Commission, Agent shall have the right, in its sole discretion, to refuse to
accept the reduced amount. In such case, Buyer / Seller hereby agrees to:
(a) Refuse further
consideration of the subject Property for a period of one (1) year after
expiration of the Term of this Agreement; or
(b) Compensate Agent directly
for the difference in the commission amount offered by Owner and the Agreed
PRIOR AND FUTURE DEALINGS.
Buyer / Seller shall, within
five (5) business days after the date hereof, provide Agent with a written list
of property with respect to which Buyer / Seller has a prior agreement of any
kind with another broker (“Excluded Property” or “Excluded Properties”). The
list shall describe the nature of any such Agreement. Agent may, within three
(3) business days of receiving such written list, either (a) accept the Excluded
Properties, (b) cancel this Agreement, or (c) renegotiate this Agreement with
the Buyer / Seller. Once accepted by Agent, the written list shall automatically
become an exhibit to this Agreement and attached hereto. If Buyer / Seller
timely provides Agent with a complete list of the Excluded Properties and Agent
accepts such written list, then Agent shall not be entitled to a commission with
respect to the purchase of an Excluded Property. If the specified information
concerning Excluded Properties is not provided as set forth herein then it shall
be conclusively deemed that there are no Excluded Properties.