In an exclusive buyer agency relationship, the buyer commits to working with one agent and cannot use another agent during the contract term. The agent owes full fiduciary duties and the commission is earned whether the agent, the buyer, or another party finds the property.
A buyer signs an exclusive buyer agency agreement for 90 days. Even if the buyer finds a home on their own at an open house, the agent is entitled to the agreed-upon commission.
Distinguish exclusive buyer agency from non-exclusive (open) buyer agency. In exclusive agreements, the agent earns commission regardless of who finds the property. The buyer cannot terminate without cause during the term.
Related Terms
Related Concepts
The fiduciary obligations a buyer's agent owes to their client, including loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care.
A form that explains to the buyer the types of agency relationships available and the duties associated with each, required to be provided before substantive discussions begin.
The practice of a listing broker sharing commission with a buyer's broker, historically offered through the MLS but now prohibited from MLS display under the 2024 NAR settlement.
An initial meeting between a buyer and agent to discuss the buyer's needs, explain agency relationships, review representation agreements, and establish expectations for the home-buying process.
The duty of a buyer's agent to act solely in the buyer's best interest, avoiding any conflicts of interest and putting the buyer's needs above the agent's own financial interests.
Frequently Asked Questions
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