Obtaining the Brokerage Commission: i. Firm shall seek the Brokerage Commission from a cooperating listing firm (through the listing firm’s offer of compensation in MLS or otherwise) or from the seller if there is no listing firm. Buyer further agrees that Firm shall be entitled to receive the total compensation set out above in consideration for Firm’s services hereunder. ii. If Buyer purchases property where the compensation offered by the listing firm and/or seller is less than the stated Brokerage Commission, or where no compensation is offered by either the listing firm or the seller, Buyer and Firm agree that Buyer will pay the difference between the Brokerage Commission and the compensation offered unless prohibited by law. Firm will timely inform Buyer if the Brokerage Commission offered is less than expected. iii. Additionally, in the event Buyer violates Paragraph 2 of this Agreement regarding exclusivity, Buyer shall pay the expected total Fee for brokerage services to Firm at closing if the cooperating listing firm or the Seller does not. iv. If additional compensation, incentive, bonus, rebate, and/or other valuable consideration (“Additional Compensation”) is offered through the MLS or otherwise, Buyer will permit the Firm to receive it. Firm shall timely disclose the promise or expectation of receiving any such Additional Compensation and confirm the disclosure in writing before Buyer makes or accepts an offer to buy. (See NCAR Form #770). (b) For the purpose of complete disclosure of compensation only, Buyer is advised that, in the event Dual Agency (as hereinafter described) is being practiced because Buyer is purchasing a property listed by the Firm, then the total compensation expected by the Firm for representing the Seller and Buyer in both sides of the transaction would be up to 7% of the purchase price for resale properties, up to 5% to 6% of the purchase price for new construction properties and up to 10% of the purchase price for lots or land, purchased by Buyer, together with a Brokerage Fee ranging from $249.00 to $499.00 from each of the Seller and the Buyer. THIS DISCLOSURE WILL IN NO WAY AFFECT OR MODIFY THE AMOUNT OF THE FEE SET FORTH IN PARAGRAPH 4 ABOVE THAT FIRM EXPECTS TO RECEIVE FOR ITS SERVICES IN REPRESENTING BUYER UNDER THIS AGREEMENT. (c) The Fee shall be deemed earned under any of the following circumstances: i. If, during the term of this Agreement, Buyer, any assignee of Buyer or any person/legal entity acting on behalf of Buyer directly or indirectly enters into an agreement to purchase, option, and/or exchange any property of the type described above regardless of the manner in which Buyer was introduced to the property; or ii. If, within _________ days after expiration of this Agreement (“Protection Period”), Buyer enters into a contract to acquire property introduced to Buyer during the term of this Agreement by Firm or any third party, unless Buyer has entered into a valid buyer agency agreement with another real estate firm; or iii. If, having entered into an enforceable contract to acquire property during the term of this Agreement, Buyer defaults under the terms of that contract. (d) The Fee will be due and payable upon closing and distribution of the proceeds of sale of the Property by the closing attorney or upon Buyer’s default of any purchase agreement. If Buyer defaults, the total Fee that would have been due the Firm will be due and payable immediately in cash from the Buyer. No assignment of rights in real property obtained for Buyer or any assignee of Buyer or any person/legal entity acting on behalf of Buyer pursuant to this Agreement shall operate to defeat any of Firm’s rights under this Agreement. NOTICE: Buyer understands and acknowledges that there is the potential for a conflict of interest generated by a price-based fee for representing Buyer. The amount, format or rate of real estate brokerage fees is not fixed by law, but is set by each broker individually. (e) Attorney Fees and Costs. If Firm is the prevailing party in any legal proceeding brought by Firm against Buyer to recover the Fee, Firm shall be entitled to recover from Buyer reasonable attorney fees and court costs incurred by Firm in connection with the proceeding. (f) If Buyer purchases unimproved property, Agent may assist Buyer in identifying a contractor to make improvements on the property, subject to the provisions of paragraph 10 and Buyer acknowledges and understands that in such a case, the contractor may offer to compensate Agent. Agent shall disclose to Buyer the existence of such an offer of compensation before Buyer enters into a contract with the contractor, and Buyer hereby consents to the receipt by Agent of any such compensation. 5. TITLE INSURANCE COST SAVINGS: Through its affiliate, HPW Market Title Insurance Company, Firm is in many instances able to obtain an average savings on required title insurance of approximately $300, at no additional cost to Buyer for this service. Buyer is is not interested in having HPW Market Title Insurance Company investigate the availability of this credit for Buyer and provide it at closing if available. 6. MORTGAGE LOAN SERVICES: Through its affiliate, HPW Towne Mortgage, Firm can help arrange for highly reliable and competitive mortgage lending services for Buyer. Buyer is is not interested in more information about these mortgage services.
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