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Residential Buyer/Tenant Representation Agreement Sample

If you are in the market to purchase or lease a residential property, you may have heard of a buyer/tenant representation agreement. Essentially, this agreement is a contract between you and a real estate agent that outlines their responsibilities and your expectations throughout the buying or leasing process.

To ensure that you fully understand the terms and conditions of a buyer/tenant representation agreement, it`s important to review a sample agreement beforehand. Here`s a breakdown of what you can expect to find in a typical residential buyer/tenant representation agreement.

1. Parties Involved

The first section of the agreement will identify the parties involved, which typically include the buyer/tenant, the real estate broker, and any associated agents or representatives. This section will also include the property address and the type of transaction (buying or leasing).

2. Duties and Responsibilities

This section outlines the specific duties and responsibilities of the real estate agent and the buyer/tenant. Some examples may include:

– The real estate agent will provide property listings and schedule showings.

– The buyer/tenant will provide financial information and approve any offers or negotiations.

– The real estate agent will communicate offers and counteroffers between the buyer/tenant and the seller/landlord.

– The buyer/tenant will submit a deposit or earnest money if required.

3. Repercussions for Breach of Contract

If either party does not fulfill their duties and responsibilities as outlined in the agreement, there may be repercussions. This section will describe the consequences for breaching the contract, such as termination of the agreement or legal action.

4. Term and Termination

The agreement will specify the length of time the contract is in effect and how it can be terminated. For example, the contract may be terminated if the buyer/tenant finds a property on their own or if the real estate agent doesn`t fulfill their duties.

5. Compensation and Fees

The compensation and fees section explains how the real estate agent will be compensated for their services. Typically, the agent is paid a commission based on the sale or lease price of the property. The agreement may also include additional fees, such as administrative costs or expenses incurred during the transaction.

6. Signatures

The final section of the agreement includes signatures from all parties involved, indicating their acceptance of the terms and conditions.

In conclusion, a residential buyer/tenant representation agreement is an essential document for any property transaction. By reviewing a sample agreement beforehand, you can ensure that you fully understand the terms and conditions and are comfortable with the responsibilities and compensation outlined.