This document must be signed before in order to participate in the Buyer Rebate Program
Mink Realty's Exclusive Right to Represent Buyer in Buyer Rebate Program
This Agreement is made on _________________________ Between Mink Realty, LLC (“Broker”)
In consideration of services and facilities, the Broker is hereby granted the right to represent the Buyer in the acquisition of real property. (As used in this Agreement, “acquisition of real property” shall include any purchase, option, exchange or lease of property or an Agreement to do so.)
- BUYER’S REPRESENTATIONS. The Buyer represents that as of the date of this Agreement, the Buyer is not a party to a Buyer Representation Agreement with any other Brokerage Firm. The Buyer further represents that the Buyer has disclosed to the Sales Associate information about any properties that the Buyer has previously visited at any new homes communities or resale open houses, or that the Buyer has been shown by any other Real Estate Sales Associate(s) in any area where the Buyer seeks to acquire property under this Agreement.
- TERM. This Agreement begins when signed and, subject to Paragraph 5, expires at 12 AM on the _________________________________ (3 months from today’s date is the minimum time).
- Mink Realty, LLC agrees to perform the services necessary to guide homeowner through a successful purchase of their home. However, Mink Realty does not show homes with the Buyers Rebate Program. Buyers must view the listed property during an open house OR by having me set up the showing my contacting the listing agent and having them agree to show you the home in my absence. Some listing agents are reluctant to show their listings to the buyer’s agent’s client. I will do my best to encourage them. In some cases, we may have to offer a “showing incentive fee of 5% of OUR commission in order to get them to agree to show the buyer the home. I only do this if I HAVE TO. Some agent just refuses to show their listed property to another agent’s buyer. If this situation happens, the buyer must be willing to walk away from that property.
- BROKER’S DUTIES:
• Perform terms of this Agreement.
• Set up showings with the listing agent for the buyer to view the property.
• Provide sellers disclosure forms to buyer for interested properties
• Prepare the offer and present to the listing agent in a timely manner.
• Prepare all written counter offers between the buyer and the listing agent.
• Provide electronic signature program for ease of signing documents for the buyer.
• Work with the Listing Agent throughout the transaction
• Coordinate home inspection with listing agent once buyer has scheduled inspections.
• Prepare formal repair request and submit to listing agent once buyer has submitted their detailed list of repairs to me.
• Assist the Buyers in meeting all the contractual time lines spelled out in the purchase contract.
• Work with the Title Company assist in getting to the closing table.
• Mink Realty does NOT attend closings - it is not necessary!
• Mink Realty does not addend home inspection or view the home in any way.
• Mink Realty does not show homes to Buyers. The listing agent must show the home or the buyer must attend an open house to gain access. Mink Realty does not gain access to the home for the buyer once there is an accepted contract. Mink Realty does not go to the home for any reason!
- BUYERS’S DUTIES. The Buyer shall: (a) work exclusively with the Broker during the term of this Agreement; (b) pay the Broker, directly or indirectly, the compensation set forth below; (c) comply with the reasonable request of the Broker to supply any pertinent financial or personal data needed to fulfill the terms of this Agreement.
- Buyer must not contact the listing agent
- Buyer must be pre-approved or have proof of funds if paying CASH
- Buyer must schedule a home inspection with a home inspection company of their choice and let me know the date and time so I can coordinate that with the listing agent. This includes any home, termite, radon, septic, roof, specific HVAC or any other specific inspections that need to be done inside the inspection time frame set forth in the purchase contract.
- Buyer must email me a detail LIST of specific items they would like to include in the repair request. They may ask the seller to make such repairs OR they may ask for a price reduction in lieu of repair (which I recommend). I will copy and paste your request onto a "formal repair request" and send it to you to sign electronically". This must be completed within the time frame that is stated in the purchase contract.
- COMPENSATION. In consideration of the time and effort expended by the Broker on behalf of the Buyer, and in further consideration of the advice and counsel provided to the Buyer, the Buyer shall pay compensation
(“Broker’s Fee”) to the Broker as described below. The Broker’s Fee shall be earned, due and payable under any of these circumstances whether the transaction is consummated through the service of the Broker or otherwise.
A.If the Buyer enters into a contract to acquire real property during the terms of this Agreement and goes to settlement on that contract any time thereafter; OR
If, within 90 days after expiration or termination of the Agreement, the Buyer enters into a contract to acquire real property that has been described to or shown to the Buyer by the Broker during the term of this Agreement, unless the Buyer has entered into a subsequent “Exclusive Right To Represent Buyer” Agreement with another real estate broker, OR
- If, having entered into an enforceable contract to acquire real property during the term of this Agreement the Buyer Defaults under the terms of that contract.
- The Broker’s Fee shall be 3%. If the seller or the seller’s representative offers compensation to the Broker, then the Buyer authorizes the Broker to receive such compensation and the amount of such compensation shall be credited again the Buyer’s obligation to pay the Broker’s Fee. The Broker may retain any additional compensation offered by the seller or seller’s representative, even if this causes the compensation paid to the Broker to exceed the fees specified above. In no case shall the compensation be less than the fees specified above. Any obligation incurred under this Agreement on the part of the Buyer to pay the Broker’s Fee shall survive the term of the Agreement.
- DISCLAIMER. The Buyer acknowledges that the Broker is being retained solely as a real estate agent and not as an attorney, tax advisor, lender, appraiser, surveyor, structural engineer, mold or air quality expert, home inspector or other professional service provider. The Buyer is advised to seek professional advice concerning the condition of the property or concerning legal and tax matters. The buyer also understand that the agent has never seen the property therefor has no known material facts about the property. The Buyer should exercise whatever due diligence the Buyer deems necessary with respect to information on any sexual offenders registered under Chapter 23(19.2-387et.seq.) of Title 19.2 Such information may be obtained by contacting your local police department or the Department of State Police, Central Criminal Records Exchange.
- EQUAL OPPORTUNITY. Properties shall be shown and made available to the Buyer without regard to race, color, religion, sex, handicap, familial status, or national origin as well as all classes protected by the laws of the United States, the Commonwealth of Kentucky, Indiana, Florida and applicable local jurisdictions.
- REBATE*. Mink Realty LLC will give the buyer up to 50% of the agents commission, on the purchase of the Buyer’s home, if Buyers uses Mink Realty as their Buyer’s agent. This Rebate is based on the total sales prices of the home. Percentage is also dependent on the percentage of commission the listing company is paying the Buyers’ agent. The maximum rebate is ½ of our 3% commission (minimum we receive is 1.5%) The rebate is contingent upon Mink Realty LLC receiving the commission at the closing prior to rebating the funds to the buyer.
- HOW THE REBATE IS PAID* It is our intent to pay the rebate directly at closing, on the ALTA/closing statement, which will allow you to use the funds immediately at closing. In some cases, if there is a lender involved, some lenders will not allow this. If this is the case, then a check will be issued from the Mink Realty, once the funds have been received from the settlement company, deposited and cleared through the bank which could take up to 5 days after closing. A $500 processing fee will be applied due to the extra work, paper work and accounting involved on our end if this has to occur. We do NOT attend closings as it is not necessary. The title company will mail us a copy of the closing statement and our commission check after the closing. Buyer agrees to use Millennial Title as our approved settlement company. FAILURE to close with Millennial Title will reduce the rebate by 12. MISCELLANEOUS: This Agreement, any exhibits and any addenda signed by the parties constituted the entire Agreement between the parties and supersedes any other written or oral agreements between the parties. This Agreement can only be modified in writing when signed by both parties. In any action or proceeding involving a dispute between the Buyer, the Seller and/or the Broker, arising out of this Agreement, or to collect the Broker’s Fee, the prevailing party shall be entitled to receive from the other party reasonable attorney’s fees to be determined by the courts or arbitrator(s).
- OTHER PROVISIONS:___________________________________________________________________________________
Buyer Current Address:_____________________________________________________________________
Buyer Current City, State, Zip Code:_______________________________________________
Cell Phone: _________________________ E-mail:__________________________________________
PREVIOUS AGENT RELATIONSHIPS: The client(s)/buyer(s) agree that by signing this Agreement they are not working with any other agents.
Buyer: ___________________________________ Buyer Signature:_________ ____________________
Buyer2: ___________________________________Buyer2 Signature:___________________________
Agent: ___________________________________Agent Signature:_____________________________