Buyer Agency Agreement
“NWMLS’s most recent efforts to promote choice, negotiation opportunities and transparency are revisions to the Washington state “Agency Law” that will go into effect on January 1, 2024. The new law will require brokers to enter into a written services agreement to represent either a buyer (or a seller).
All agreements must comprehensively address the broker’s compensation, the scope of representation and all related terms. With the revised Agency Law and NWMLS’s system, buyers will agree on how much to pay their own brokers, and buyers can then negotiate for the seller to help cover that cost as part of the purchase.”
1. Agency Agreement
Buyer retains Metropolist (Firm) to act as Buyer’s Broker in the purchase of real property. Firm appoints Sarah Georger-Clark as firm’s sub-agent to represent buyer in the purchase of real property under this agreement. Broker agrees to represent Buyer in accordance with the duties of a buyer’s Broker set forth in “The Law of Real Estate” broker pamphlet, which Buyer has received. Any additional duties must be agreed to in writing.
2. Exclusive Agency
Buyer retains Broker with respect to all properties at the time the Agreement is signed for 180 days. Buyer agrees to use Broker’s services during the term of this Agreement. If Buyer purchases any real property without said services, Broker shall be paid the Minimum Commission as set forth in paragraph 3.
3. Minimum Commission
Firm is ordinarily paid a commission by the Seller. In some cases, Sellers offer no commission or an inadequate commission. For purposes of this Agreement, the “Minimum Commission” shall be 2.5% of the sale price, or whatever commission is offered in the listing, whichever is higher.
3a. Buyer Contribution: If Buyer wishes to purchase a property for which the offered commission is less than the Agreed Minimum Commission, then Buyer authorizes Broker to negotiate with the Seller for the difference in commission. Buyer agrees to pay any remaining balance between the commission paid by the seller and the Agreed Commission at the closing. Buyer agrees that Broker and Firm may be compensated by Buyer and Seller.
4. Termination
Broker, Firm and Buyer may agree to modify or terminate this agreement in writing at any time before expiration. If Buyer purchases a property within 90 days after expiration of this agreement, and Broker provided real estate brokerage services for that property during the term of this Agreement, then Buyer agrees to either: (1) to use Broker’s services in connection with that purchase in accordance with the provisions of paragraph 2, or (2) to pay Firm the commission that would have been received in connection with the transaction, even if a commission is also paid to another Firm.
"5. Agency Disclosures
Dual Agency: If Buyer is interested in a property listed by Firm, Buyer authorizes Firm to act as a dual agent in accordance with the Law of Real Estate Agency. If Buyer purchases a property listed with another real estate licensee associated with Firm, Buyer agrees that the listing Broker will represent the seller, Buyer’s Broker will represent Buyer and Firm will be a dual Broker in accordance with the Law of Real Estate Agency. Buyer must consent to any single-broker dual agency separately should Buyer and Broker wish to have Broker represent them on a listing that the Broker holds with a seller.
Competing Buyers: Buyer acknowledges and agrees that Broker may represent other buyers interested in the same type of properties. After any buyer represented by Broker signs an offer to purchase a particular property, Broker may inform other buyers about the property, but will not represent any competing buyer with respect to that property during the term of that transaction. If any buyer represented by Broker expresses an interest in such a property, that buyer may be referred to another Broker (including Brokers affiliated with Firm) for assistance on that property only. Buyer agrees that Broker may receive compensation for the referral and agrees that such compensation for the referral would not be adverse or detrimental to Buyer’s interest in the transaction or create a conflict of interest.
6. Attorney Fees
In the event of a fee dispute with the Firm, the prevailing party shall be entitled to reasonable attorney’s fees, court costs, and expenses in connection with the fee dispute.