NEFMLS has a new form Exclusive Buyer Representation Agreement

NEFMLS has a new form – Exclusive Buyer Representation Agreement

Jeff Marks, NEFMLS Counsel

By Jeff Marks, NEFMLS Counsel

In response to requests from NEFMLS Participants and Subscribers, NEFMLS has created a new form known as Exclusive Buyer Representation Agreement. When a real estate licensee is engaged by a buyer to find property, it is highly recommended that terms of such engagement be in writing. This form does that. It provides that a buyer retains the broker to act as the buyer’s exclusive agent to work with and assist the buyer in locating and negotiating the acquisition of real property. Acquisition/acquire includes any purchase, option, exchange, lease or other acquisition of ownership or other interest in real property.

The form provides for a beginning date and an ending date, a 120-day protection period,  a description of the type of property the buyer desires, and for the broker’s obligations and the buyer’s obligation. It provides that the broker has earned compensation when the buyer or anyone acting on behalf of the buyer contracts to acquire real property regardless of the manner in which the buyer was introduced to the property. It further states the broker will seek compensation from a cooperating broker (a listing broker) or from the seller if there is no listing broker. It states that the buyer is responsible for paying the broker the specified amount but will be credited by any amount which broker receives from a cooperating broker or seller.

The form is designed for the broker to begin as a single agent for the buyer but it allows for consent to transition to transaction broker if the buyer’s exclusive agent will be showing buyer property that is listed by the exclusive agent’s brokerage firm.

The new form has the abbreviation of EBRA-NEFMLS-13 dated 8/14/2018. It can be downloaded at nef.flexmls.com (Flexmls). Log in and go to Forms/Info>NEW Exclusive Buyer Representation Agreement.  This new form will be distributed to third party transaction management systems (such as Form Simplicity, dotloop, TransactionDesk etc.) within the next few weeks. 

If you have any questions please contact us at 904-394-9494 x1603.