One Way Realty 2927 Hodges St. Lake Charles LA, 70601
Office (337)441-3011
Licensed In Louisiana
EXCLUSIVE BUYER REPRESENTATION AGREEMENT
BROKERS FEES AND COMMISSIONS ARE NOT SET BY LAW AND ARE FULLY NEGOTIABLE
(This is a legally binding contract; if not understood, seek competent advice before signing.)
Section A: BUYER(s) Persons who sign this Agreement as a Buyer whether in their personal or professional capacity: Buyers Name(s) _______________________
APPOINTMENT OF BUYER’S DESIGNATED AGENT. For the purpose of, acquisition by purchase, exchange, or bond for deed, or to obtain or acquire an option to purchase residential property.
1. Designated Agent. Broker designates, and Buyer accepts, ___________ as “Designated Agent” as that term and duties are defined by and set forth in LSA-R.S. 9:3891, et. seq. Broker hereby appoints, and Buyer accepts ONE WAY REALTY (Broker) to act as Buyer’s exclusive real estate broker and agent to assist Buyer in locating and negotiating the Purchase of immovable property. Property shall be understood to be residential immovable property in the State of Louisiana.
2. DUTIES OF BROKER/DESIGNATED AGENT. In accordance with LSA-R.S. 9:3893 and pursuant to this Agreement, Broker shall: Perform the terms of this Agreement and exercise reasonable skill and performance in providing the following “Brokerage Services” to the Buyer: attempt to locate a Property acceptable to Buyer; draft, negotiate, and complete a written offer or agreement to Purchase a Property (“Purchase Agreement”) on behalf of Buyer; negotiate the Purchase of Property on terms acceptable to Buyer; promote the best interest of the Buyer by seeking a transaction at a price and upon terms acceptable to Buyer, timely presenting all offers to and from the Buyer, and timely accounting for all money and property received in which the Buyer has, may have, or should have had an interest. Other services may be agreed to by Buyer and Broker.
3. Substitute. Broker may appoint a substitute Designated Agent for Buyer as Broker determines necessary and if so, Buyer will be notified of this change in writing within a reasonable timeframe.
4. TERM OF AGREEMENT. This Agreement shall be in effect for 30 Days from the date Buyer signs this agreement. However, if a purchase agreement that has been signed by Buyer has been submitted to a seller during the term of this Agreement, then the term shall be automatically extended through the consummation of the transactions contemplated by the purchase agreement or within 15 calendar days of the expiration of this Agreement, whichever occurs first.
5. EXCLUSIVE AGREEMENT. Buyer is not currently contracted with another Broker for the same or similar Purpose as set forth in this Agreement.
6. AGENCY. All Parties acknowledge and agree that this Agreement creates an agency relationship between the Buyer and Broker pursuant to LSA-R.S. 9:3891, et. seq. whereby the Broker owes the Buyer certain duties pursuant to applicable law and this Agreement.
7. COMPENSATION. In consideration of the Brokerage services provided, Buyer(s)/Lessee(s) agree to the following: The amount of compensation shall be $______N/A_________ or ___3_____% of the purchase price of any agreement or option to purchase, lease or exchange that may be negotiated during the term of this Agreement. Compensation shall be paid at the closing/execution of a lease and may be paid by either Buyer or Seller as negotiated.
(A)Buyer authorizes Broker to inquire with any Seller Party to determine whether such Seller Party has authorized a payment to any broker or agent representing a buyer, such as Broker, in connection with the sale of a property.
(B) Buyer may request that a Selling Party pay all, or a part, of the Compensation owed by Buyer to Broker. Furthermore, the designated Agent/Broker is authorized to negotiate for a commission paid by the Seller or listing Agent/Broker compensation which will be credited towards the compensation amount referenced herein.
(C) Should Seller agree to compensate designated Agent less the amount referenced in this contract, Buyer/Lessee agrees to compensate the difference of the remaining payment obligation.
(D) If it is agreed in writing and signed by all parties, the buyer’s broker can accept a lesser commission.
(E) Broker shall not receive compensation for Brokerage Services from any source that exceeds the amount or rate agreed to in this Agreement. The payment of such commission by Seller does not place the agent as a dual agency.
8. Compensation Earned and Owed. Buyer agrees and acknowledges that while other sources MAY OR MAY NOT be available to compensate Broker, it is the Buyer’s responsibility to compensate the Broker according to this Agreement. Broker has earned and is owed the Compensation due pursuant to this Agreement if and when any of the following occurs:
(A) Buyer Purchases Property during the term of this Agreement.
(B) Buyer Purchases Property within 120 calendar days of the expiration of this Agreement or any extension thereof and Broker or Designated Agent brought the existence and availability of the purchased property to the Buyer's attention during the term of the Agreement or any extension thereof.
9. Buyer Agent Payment. Buyer authorizes, and Broker shall accept any payment, commission, fee, or the like that a Seller or Listing Broker remits to Broker in connection with Buyer Purchasing a Property as contemplated herein.
10. Prohibition of Modification. Buyer shall not modify Broker’s Compensation in any purchase or sale agreement, contract, or in any other manner and the Compensation due shall not be reduced for any independent efforts on the part of the Buyer for locating or identifying Property that is Purchased by Buyer.
11. Veterans Affairs. Notwithstanding anything in this Agreement to the contrary, Buyer shall not be directly responsible for payment of Compensation if a Veterans Affairs loan product is utilized to fund the Purchase of the Property, but only to the extent that any such payment is prohibited by the rules or regulations implemented by the Department of Veteran Affairs for the particular loan product.
12. Ministerial Acts. A staff member, employee, or independent contractor of Broker may perform ministerial acts to support or assist Buyer or Designated Agent on Buyer’s behalf and the performance of such acts does not make any such person the designated agent of the Buyer.
13. DUTIES OF BUYER(S). Buyer shall have all duties required by law and pursuant to this Agreement:
(A) Work exclusively with Broker during the term of this Agreement.
(B) Inform other brokers, salespersons, and sellers with whom Buyer may have contact that Broker exclusively represents Buyer for the purposes of the Purchase of Property and refer all such persons to Broker.
(C) Timely comply with the reasonable requests of Broker to supply needed information or data necessary to complete the Purchase of the Property.
(D)Cooperate with Broker in scheduling Buyer visits of available properties at reasonable times and attend any scheduled visits.
(E) Investigate and conduct due diligence regarding any matter of interest or concern in which Buyer becomes interested during or before the Purchase of Property.
(F) Seek independent expert advice with respect to construction, insurance, surveys, titles, inspections, appraisals, finance, mold or hazardous substances, termites, insects, law, or any matter of concern to Buyer.
14. ACKNOWLEDGMENTS. Broker and Buyer acknowledge and agree as follows:
(A) Neither Designated Agent nor Broker shall have any obligation to search out properties beyond those that come to the attention of Designated Agent in the ordinary course of Designated Agent’s business.
(B) Broker or any licensee of the Broker may show property in which Buyer is interested to other prospective buyers.
(C) Broker is not responsible to monitor or supervise any portion of any construction or repairs to property as such tasks fall outside the scope of “real estate activity” as defined by the Louisiana Real Estate Licensing Law.
(D) Buyer shall be responsible for complying with the duties and deadlines contained in any document or agreement entered into by Buyer.
(E) There shall be no knowledge imputed between Broker, Designated Agent, or between any other licensees of Broker regarding any property in which Buyer develops an interest.
(F)Broker and Designated Agent are not experts with respect to construction, insurance, surveys, titles, inspections, appraisals, finance, mold or hazardous substances, termites, insects, law, or other matters and Buyer has been advised and shall seek independent expert advice relative any of these matters, or others, if of concern to Buyer.
(G) The Broker shall owe the Buyer no other duties than what is set forth in this Agreement or required by law.
15. TERMINATION. Buyer may terminate this Agreement at any time by providing written notice to Broker, however, Buyer’s obligation to pay the Compensation shall survive termination of this Agreement but only to the extent that any Compensation is earned and owed under the terms of this Agreement.
16. DUAL AGENCY. Buyer acknowledges that Broker, Designated Agent, or any licensees sponsored by Broker may represent sellers of certain properties as a listing agent and these properties may be of interest to Buyer. Buyer One Way Realty 2927 Hodges St. Lake Charles LA, 70601 Office (337)441-3011 Licensed In Louisiana authorizes the Broker to bring any such properties to Buyer’s attention. If a dual agency relationship (as defined by La. R.S. 9:3891 and set forth in La. R.S. 9:3897) exists, Broker and Designated Agent shall comply with all applicable laws, rules and regulations related thereto, including the requirement that Buyer provide informed written consent.
17. LIMITATION OF BROKER LIABILITY. Buyer shall hold Broker, Designated Agent, and any licensee, independent contractor, or employee of Broker harmless from any and all claims, causes of action, or damages arising out of or relating to any of the following:
A. Inaccurate information or incomplete information, or both, provided to Buyer by Broker, Designated Agent, and any licensee, independent contractor, or employee of Broker.
B. Deposit funds or other money handled or held by anyone other than the Broker, Designated Agent, or any licensee, independent contractor, or employee of Broker.
C. Injury or damage to person or property viewed or visited pursuant to this Agreement or the loss of tangible or intangible property which occurred or is believed to have occurred in connection with viewing or visiting a property pursuant to this Agreement.
D. Injury to persons sustained while any property is viewed or visited pursuant to this Agreement or injury of persons attributed to visiting or viewing a property pursuant to this Agreement.
E. If any provision of this Agreement or its application is held invalid or not applicable, this does not affect other provisions or applications of this Agreement which can be given effect without the invalid provision or application thereof.
18. ELECTRONIC COMMUNICATIONS. Parties consent to the use of electronic documents, electronic document transmission, and the use of electronic signatures for this Agreement and any addendum or modification thereto, including but not limited to any notices, requests, claims, demands, or other communications pertaining to the Agreement and will treat these as originals.
DEFINITIONS For purposes of this Agreement, the following terms shall have the following meanings, unless otherwise indicated:
A. “Broker”: means both the undersigned Broker and Designated Agent (if any), unless the context clearly dictates otherwise.
B. “Brokerage Services”: means those services provided by Buyer’s Broker to Buyer pursuant to this Agreement.
C. “Buyer”: means the person, entity (or persons or entities, collectively) who sign this Agreement as a Buyer.
D. “Property”: means residential real property consisting of one, but not more than four residential dwelling units, which are buildings or structures each of which is occupied or intended for occupancy as a single-family residence. Property may be considered residential regardless of whether it’s currently utilized as, or to be utilized as income-producing property.
E. “Purchase”: means acquisition by purchase, exchange, or bond for deed, or to obtain or acquire an option to purchase.
F. “Purchase Agreement”: means a written agreement by which the Buyer and a Seller Party negotiate and agree to the Purchase of Property.
G. “Seller Party” means, collectively, the transferor (or transferors) in a Property transaction and any real estate broker, licensee or agent acting on behalf of such transferor(s).
ACKNOWLEDGEMENT This Agreement constitutes the sole and entire Agreement between the Parties, may not be modified or changed without the written consent executed by all parties to the contract, and it shall be interpreted, and applied according to the laws of the State of Louisiana. Buyers/Lessees acknowledge some of the terms of this Agreement may be subject to the rules/regulations and requirements of Buyer's loan type regarding the compensation of real estate services/brokerage fees.