Fillable Agency Agreement - Purchaser

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Agency Agreement - Purchaser - South Dakota (Buyer Agency Agreement)

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AGENCYAGREEMENT-PURCHASER-2014 Page 1 of 2
Agency Agreement - Purchaser - South Dakota (Buyer Agency Agreement)
Client:
Responsible Broker and Brokerage Firm:
(hereinafter referred to as Broker)
Start Date: _____________________ Expiration Date: _______________________ at midnight. If Client enters into a purchase
agreement during the term of this agreement, the termination of this agreement shall be the date of closing under said purchase
agreement, or if the transaction does not close, the date which the parties agree to discontinue negotiating. This agreement can be
terminated with mutual written consent of the parties.
1) Creation of Agency. The Broker, as agent for the Client, negotiates and advocates on behalf of the Client,
performs the terms of
any written agreement made with the client, and promotes the interest of the client with the utmost good faith, loyalty, and fidelity.
The Client should carefully read all documents to assure that they adequately express Client’s understanding of the transaction and
protection of your own interests. The Client represents no other Broker has been employed as an exclusive agent for real estate
defined in section 2 and agrees to protect, defend, indemnify and hold Broker harmless from the claims, liability, and expenses,
including reasonable attorney’s fees, arising by reason of the claim of any other broker in compensation as the result of a transaction
that is within the scope of this agreement. Not all agency options may be offered by broker. The Client authorizes Broker, as Client’s
exclusive/ non-exclusive agent, to use reasonable efforts identify and communicate to Client real estate appearing to
Broker to substantially meet the criteria described in Section 2 and to negotiate acceptance of any offer to purchase or lease such real
estate.
A. Single Agency: When a firm and all of its agents represent only you and advocate for only your interests during a
transaction.
The Client further authorizes:
B. Appointed Agency: The broker appoints as your agent, to represent
only you and advocate for only your interests. Upon signing this agreement, agents within the firm who have not been
specifically named do not represent you and cannot advocate for your interests. Confidential information can only be shared
with the responsible broker and the designated broker ,
unless you provide written permission. The responsible broker may appoint other affiliated licensees to be your agent during
the term of this agreement should the appointed agent not be able to fulfill the terms of this agreement or by written
agreement between you and the responsible broker. An appointment of another or additional affiliated licensee does not
relieve the first appointed agent of any duties owed to you.
Limited agency rules apply to the responsible broker when you, as a purchaser, inquire about a property under contract for
sale/lease with this firm. The responsible broker can legally be the limited agent of both parties of a transaction with your
knowledge and written consent of you and the other party.
Your appointed agent(s) can legally be a limited agent for an in-company transaction with your knowledge and written
consent of you and the other party.
(If this broker/firm does not offer appointed agency representation initial N/A below)
C. Limited Agency: All licensees of the brokerage firm owe you the duties as described in single agency until you, as a
purchaser, inquire about a property under contract for sale/lease with this firm. At this time a limited agency relationship
exists, however, limited agency may only occur with prior written permission of the parties of the potential in-company
transaction. In a limited agency relationship the broker, directly or through one or more agent, may not be able to continue to
provide services previously provided to you, such as:
• no longer providing advice or advocating for your interests, or the seller’s interests, to the detriment of either party.
Unless you give written consent, a limited agent cannot:
• Disclose personal confidences of one party or the other party, unless required by law
• Disclose a buyer is willing to pay more, or a seller is willing to accept less, than the asking price or lease rate offered for
the property;
• Disclose the motivating factors for any client, buying, selling, or leasing the property;
• Disclose a client will agree to financing terms other than those offered.
The client acknowledges and consents as initialed:
I agree to appointed agency and the appointed agent(s) named in 1B: Yes \ No \ N/A \
I agree to limited agency representation, as described in 1C: Yes \ No \ N/A \
dd mmm yyyy
dd mmm yyyy
AGENCYAGREEMENT-PURCHASER-2014 Page 2 of 2
2) Description of Property. Client desires to purchase or lease real property (which may include items of personal property)
described in the general terms as follows:
A. Type of property:
B. Price Range: C. Location:
with changes as Client may later communicate to Broker, whether verbally or in writing.
3) Broker Services and Compensation. If a purchase contract is entered into during the term of this agency contract, Client agrees
Broker’s compensation shall be % of the sales price, or $ (plus appropriate sales tax). Compensation shall
first be paid by and collected from the owner or co-operating broker. If the compensation offered by the owner/ co-operating
Broker is less than the amount Client agreed upon, the Broker may accept the compensation paid by the owner/co-operating
broker as satisfactory compensation or may request the difference from the Client. If compensation is not offered by the owner,
Client shall compensate Broker as stated above.
If Client’s Broker is a non-exclusive agent, compensation is only owed if the real estate under contract was identified by Broker
and submitted to Client in writing.
If, within days of the end of this agreement, Client purchases real estate shown to Client by Broker, Client owes
Broker compensation as described above. No compensation is owed if Client is in an exclusive agreement with another Broker.
Compensation paid to Broker by owner or co-operating broker does not compromise Broker’s duty to Client.
Broker may act as escrow agent for all money, papers, and documents associated with this transaction.
4) Other Potential Buyers. The Broker may show property which the Client is interested to competing Clients without breaching
any duty or obligation to the client.
5) Nondiscrimination. Client and Broker will not participate in any act that unlawfully discriminates on the basis of race, color,
creed, religion, sex, disability, familial status, country of national origin or any other category protected under federal, state or
local law.
6) Modification. No modification of any of the terms of this agreement shall be valid or binding upon the parties, unless such
modifications have first been reduced to writing and signed by both parties.
7) Financial Capability. Client has applied or agrees to apply for financing immediately upon signing of this contract and
authorizes Broker to obtain financial information from Client’s lender.
THIS IS A LEGALLY BINDING CONTRACT. If you have questions regarding the duties and responsibilities of the broker, you
should resolve those questions before proceeding further or SEEK LEGAL ADVICE
Client: Date: ________________ Phone:
Client: Date: _______________ Phone:
Address:
City: State: Zip:
E-mail address:
AGENT OBLIGATIONS: Regardless of representation, the broker shall: Disclose all known material facts about the property
which could affect the Client’s use or enjoyment of the property, disclose information which could have a material impact on either
party’s ability to fulfill their obligations under the purchase/lease agreement, respond honestly and accurately to questions concerning
the property, and deal honestly and fairly with all parties.
Broker/Firm:
By Agent: Date: _____________________
dd mmm yyyy
dd mmm yyyy
dd mmm yyyy
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Agency Agreement - Purchaser

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Completed 20 March 2019

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