Buyer Representation
Contract - Summary

Agency Relationships in Real Estate Transactions: 

This is a required document by the state. It covers our relationship concerning real estate. As an agent representing you in the purchase of a home, my job is to help you find a home, negotiate a deal, and assist with the closing process. I owe you fiduciary duties, which include Loyalty, Obedience, Disclosure, Confidentiality, Reasonable Care, and Accounting. If I have any information about a home you are interested in, I need to disclose it to you.

Buyer Representation Contract: 

Line 7: Specifies the start and end date of the contract, which will normally be between 6 months and a year, or until you close on a home.

Line 8-10: This contract ends once you purchase a home, or expiration, or cancellation of this contract. This contract can only be canceled by written mutual agreement by both parties. Regarding the added portion, we will still need to have both parties sign to cancel. If you voice anything in the added section has occurred I will immediately sign. 

Line 11: States my obligation. I am here to assist you at every step of the transaction, always putting your best interest first, and complying with fair housing and nondiscrimination laws.

Line 12: States your obligation. You will exclusively work with me during your home search. You'll inform me of any financial changes that may impact your home search. Once a purchase agreement is accepted on a home, you are legally obligated to proceed with the purchase. If you refuse to close on the purchase for any reason other than the seller not performing or any contingencies (financing, inspection, etc.), you may be required to compensate me as outlined in this contract.

Line 30: The broker's compensation (me) for this transaction is 2.7% of the accepted offer price. Sellers will likely cover the entire compensation, but if the listing agent offers a lower split, such as 2.5%, you would be responsible for paying the additional 0.2%, which will be added to your closing costs.

Line 32-37: I am paid at the closing of a property if the buyer agrees to purchase a home before the expiration of the contract, even if you don’t use me; or within 180 days after the contract has ended and you purchase a property I have shown you. A list of properties at will need to be provided for this to happen. If the contract is terminated because I failed to perform then this is void. 

Line 54: We're looking for residential properties.

Line 67: I will arrange a closing agent for you.

Line 85: This section discusses Dual Agency. Dual Agency occurs when the same brokerage represents both the buyer and the seller. My brokerage is Keller Williams Integrity Lakes, which has over 280 agents. While the possibility of dual agency exists, it doesn't change anything. If you decline dual agency, you may limit the available options of homes.

There's more to the contract, but these are the most important items.

Get a Home Inspection: 

This form emphasizes the importance of a home inspection.

KW Integrity - Disclosures, Waivers, and Acceptance:

1 - I showed you the "Get a Home Inspection" form.

2 - You'll decide on a home warranty when you purchase a home.

3 - We will conduct a final walkthrough before you close on a property.

4 - Depending on the sellers' decision, the information the listing agent can share with me about offers on a home may change. I may not be able to obtain much information from the listing agent.

6 - Keller Williams is a licensed real estate broker, specializing in real estate. Outside of this field, KW is not a licensed expert.

8 - Keller Williams has a $499 Administrative Fee, which is included in your closing costs. I will be covering this cost for you. 

Let me know if you have any questions. We can review all these documents in 15 minutes if you'd like!