Buyer Agreement Form

[Ashley Kroft]

Hello BP!

I have a question about the Buyer Agreement Form between a buyer (me) and a real estate agent. I have not heard of this form before. In the form, it says I can only work with them exclusively from a specified beginning date and end date. Is this normal? To be only exclusive to this agent when trying to find good deals? 

I am a rookie and I am ready to begin finding my first rental property. Just want to make sure this agreement form is a normal process or not. 

I appreciate everyones time & guidance!

Ashley

[Dennis McNeely]

One other note Ashley. Buyer's Broker agreements are much like a listing agreements - they can be exclusive or not, as follows:
  - They can be an entirely exclusive agreement, as you've indicated in your initial post.
  - They can be exclusive with named exceptions (e.g. "... pay you a commission for any purchase I make unless the property is one of these specific properties I'm already aware of or for properties brought to me my someone on a specific list of other agents I'm already working with).
  - They can be non-exclusive, meaning you'll only pay them for deals they bring to your attention. If you find the deal yourself or if another broker finds one, they won't be paid.
  - They can be an agreement for a single property. This type of agreement results in a payment to the broker only if you sign a purchase agreement on that specific property.

Lastly, it's common for the Buyer's Broker agreement to have a clause that stipulates the client will owe a commission for property which is covered by your Buyer's Broker agreement if you agree to a purchase agreement within 60 or 90 days of the expiration of the agreement. This clause is also very similar to that found in a conventional listing agreement.