An exclusive contract may include a "holdover" or "protection" clause. This ensures that if the contract expires, but the buyer purchases a home the agent previously showed them within a set window (usually 30–90 days), the agent still receives their commission.
The contract explicitly outlines how the agent gets paid. While sellers often cover buyer agent fees, the contract may:
The agent must prioritize the buyer's needs over their own commission. 💰 Define Commission and Compensation an exclusive right to buy buyer agency contract may
The buyer agrees not to hire other agents during the term of the agreement.
The "Exclusive" portion of the title is its most critical feature. Under this clause, the buyer may: An exclusive contract may include a "holdover" or
Even if the buyer finds the home themselves, the contracted agent is generally entitled to the commission. 📅 Set the Duration and Scope These contracts are not indefinite. They typically include:
An Exclusive Right to Buy Buyer Agency Contract is a legally binding agreement between a prospective real estate purchaser and a brokerage. Unlike informal arrangements, this document creates a fiduciary relationship that fundamentally changes the dynamics of the home-buying process. ⚖️ Formalize a Fiduciary Relationship While sellers often cover buyer agent fees, the
Under this agreement, the agent is legally obligated to act in the buyer’s best interest. This "fiduciary" duty includes: