Exclusive Right to Buy Buyer Agency Contract Explained

1. APPOINTMENT OF BROKER

The buyer appoints the brokerage firm as the exclusive agent for the property types and geographic area defined in the agreement. During the term, negotiations and property inquiries within that scope are to be handled through the brokerage firm.

2. PURPOSE OF AGENCY

This section defines the assignment: property type, general description, price range, location, preferred terms, and any other limits. Vague entries create avoidable disputes. The scope should match what the buyer actually expects the firm to help purchase or lease.

3. LENGTH OF AGREEMENT

The agreement begins when signed and ends on the stated date, or after the closing or termination of a then-pending transaction, whichever is later. The form states that early termination requires a written release signed by both buyer and broker; neither party has a unilateral right to terminate under this form.

4. BROKER’S EFFORTS

The brokerage firm agrees to use good-faith efforts to locate and present suitable properties, tour and analyze properties at the buyer’s request, help negotiate a purchase contract, cooperate with seller-side licensees, and provide other reasonably necessary buyer services.

5. CONSENT TO DISCLOSED DUAL AGENCY / DESIGNATED AGENCY

The buyer acknowledges receiving an explanation of brokerage relationships. The buyer then indicates whether dual agency or designated agency may be considered later. Considering either option here does not itself create that relationship; a separate written agreement is required for a specific transaction.

6. BUYER DUTIES

The buyer agrees to conduct covered real estate activity and negotiations exclusively through the brokerage firm, confirms there is no overlapping exclusive buyer agreement with the same scope, and authorizes the firm to provide the agreement to the closing attorney.

Signing overlapping exclusive agreements can expose a buyer to multiple compensation claims.

7. BROKER FEE

This is the financial core of the agreement. It states when the broker fee is earned and when it becomes payable. The completed agreement must specify the compensation method—percentage, exact dollar amount, or another defined method.

The section may also address bonuses, retainers, administrative fees, credits, direct seller or listing-broker payment, and a protection period after expiration. Any amount paid by a seller or listing broker reduces the amount otherwise payable by the buyer, and the broker may not retain more than the amount specified in the agreement.

8. OTHER BUYERS

The buyer acknowledges that the brokerage firm may represent other buyers seeking the same or similar properties. Confidential information is not to be exchanged between competing buyer clients without agreement. A separate multiple-buyer disclosure may be provided when applicable.

9. FAIR HOUSING

Both parties agree that activities under the contract will comply with the REALTOR® Code of Ethics and applicable fair housing laws.

10. SEX OFFENDER REGISTRY

The buyer is directed to the appropriate county sheriff and South Carolina Law Enforcement Division resources for registry information. The brokerage firm is not presented as the source of that determination.

11. DUTIES

The broker confirms that the consumer received the South Carolina brokerage-relationships disclosure and a meaningful explanation of the relationships offered by the firm.

12. BROKER LIABILITY LIMITATION

The form limits broker liability, except for gross negligence, and specifically addresses losses caused by wire, cyber, or electronic fraud. Buyers should independently verify wiring instructions through trusted contact information before sending funds.

13. SURVEILLANCE

The buyer is warned that properties may contain audio or video surveillance. Discussions about price, interest, motivation, or negotiating strategy should occur away from the property.

14. PROFESSIONAL COUNSEL

The brokerage firm is retained as a real estate agent—not as an attorney, tax adviser, lender, appraiser, surveyor, engineer, inspector, or other specialist. The buyer agrees to seek appropriate professional advice for those matters.

15. CONTINGENCIES

This blank section can contain transaction-specific conditions or expectations. Added language should be clear, complete, and consistent with the rest of the agreement.

16. ENTIRE BINDING AGREEMENT

The written contract, including completed blanks and added terms, represents the full agreement. Prior verbal statements are not substitutes for written terms.

17. AMENDMENT

Changes must be in writing and signed by both buyer and broker. Verbal modifications are not enough.