EXCLUSIVE RIGHT TO REPRESENT PURCHASER AGREEMENT
This Exclusive Right to Represent Purchaser Agreement (“Agreement”) is made on
(Date) by and between
,
and (Insert Firm Name)
Long & Foster REALTORS
(“Purchaser”)
(“Broker”).
1. APPOINTMENT OF BROKER. In consideration of services and facilities, Broker is
hereby granted the right to represent Purchaser in the acquisition of real property.
2. PURCHASER’S REPRESENTATIONS. Purchaser represents that as of the
commencement date of this Agreement, Purchaser is not a party to a purchaser representation
agreement with any other brokerage firm. Purchaser further represents that Purchaser has
disclosed to Broker information about any properties that Purchaser has previously visited at
any new homes communities or resale open houses, or that Purchaser has been shown by any
other real estate sales associate(s) in any area where Purchaser seeks to acquire property
under this Agreement.
3. NOTICES. All notifications and amendments under this Agreement shall be in writing and
shall be delivered using the contact information below.
Purchaser
Mailing Address:
City, State, and Zip Code:
,
Phone: (H)
(W)
(Cell)
Email:
Fax:
Broker (Firm)
4600 Lee Highway
Mailing Address:
Arlington , VA 22207
City, State, and Zip Code:
Phone: (W)
(Cell)
(703) 522-0500
(703) 657-9451
Email: Alyssa.Hellman@Longandfoster.com Fax:
(703) 525-0387
4. TERM. This Agreement commences when signed and, subject to the COMPENSATION
paragraph, expires at 11:59 p.m. on
.
5. RETAINER FEE. Broker acknowledges receipt of a retainer fee in the amount of
, which shall OR shall not be subtracted from any compensation due
Broker under this Agreement. The retainer fee is non-refundable and is earned when paid.
6. BROKER’S DUTIES. Broker shall promote the interests of Purchaser by: (a) performing
the terms of the brokerage agreement; (b) seeking a property at a price and terms acceptable
to Purchaser; (c) presenting in a timely manner all written offers or counteroffers to and from
Purchaser; (d) disclosing to Purchaser all material facts related to the property or concerning
the transaction of which they have actual knowledge; (e) accounting for in a timely manner
all money and property received in which Purchaser has or may have an interest. Unless
otherwise provided by law or Purchaser consents in writing to the release of the information,
Broker shall maintain the confidentiality of all personal and financial information and other
matters identified as confidential by Purchaser, if that information is received from Purchaser
during the brokerage relationship. In satisfying these duties, Broker shall exercise ordinary
care, comply with all applicable laws and regulations, treat all prospective sellers honestly
and not knowingly give them false information. In addition, Broker may: show the same
property to other purchasers; represent other purchasers on the same or different properties;
represent sellers relative to other properties; or provide assistance to a seller or prospective
seller by performing ministerial acts that are not inconsistent with Broker’s duties under this
Agreement.
NVAR – K1338 – rev. 01/13
LF203
Page 1 of 4
Purchaser:
/
Broker:
7. PURCHASER’S DUTIES. Purchaser shall: (a) work exclusively with Broker during the
term of this Agreement; (b) pay Broker, directly or indirectly, the compensation set forth
below; (c) comply with the reasonable requests of Broker to supply any pertinent financial or
personal data needed to fulfill the terms of this Agreement; (d) be available during Broker’s
regular working hours to view properties.
8. PURPOSE. Purchaser is retaining Broker to acquire the following type of property:
9. COMPENSATION. In consideration of the time and effort expended by Broker on behalf of
Purchaser, and in further consideration of the advice and counsel provided to Purchaser,
Purchaser shall pay compensation (“Broker’s Fee”) to Broker as described below. Broker’s
Fee, less the retainer fee if so indicated in the RETAINER FEE paragraph above, shall be
earned, due and payable under any of these circumstances whether the transaction is
consummated through the services of Broker or otherwise:
A. If Purchaser enters into a contract to acquire real property during the term of this
Agreement and goes to settlement on that contract any time thereafter; OR
days after expiration or termination of this Agreement, Purchaser
B. If, within
enters into a contract to acquire real property that has been described to or shown to
Purchaser by Broker during the term of this Agreement, unless Purchaser has entered
into a subsequent Purchaser Broker Agreement agreement with another real estate
broker; OR
C. If, having entered into an enforceable contract to acquire real property during the term of
this Agreement, Purchaser defaults under the terms of that contract.
Broker’s Fee shall be
% of purchase price or MLS offering, whichever is greater, plus $ 345.00 .
If the seller or the seller’s representative offers compensation to Broker, then Purchaser
authorizes Broker to receive such compensation and the amount of such compensation shall
be credited against Purchaser’s obligation to pay Broker’s Fee. Broker may retain any
additional compensation offered by the seller or seller’s representative, even if this causes
the compensation paid to Broker to exceed the fees specified above. In no case shall
Compensation be less than the fees specified above.
Any obligation incurred under this Agreement on the part of Purchaser to pay Broker’s Fee
shall survive the term of this Agreement.
10. EMPLOYEE RELOCATION PROGRAM. Purchaser is participating in any type of
employee relocation program Yes OR No.
If “Yes”: (a) the program is named:
Contact Name:
and (b) terms of the program are:
,
Contact Information:
If “No” or Purchaser has failed to list a specific employee relocation program, then Broker
shall have no obligation to cooperate with or compensate any undisclosed program.
11. TYPES OF REAL ESTATE REPRESENTATION - DISCLOSURE AND INFORMED
CONSENT.
Seller representation occurs when sellers contract to use the services of their own broker
(known as a listing agent) to act on their behalf.
NVAR – K1338 – rev. 01/13
LF203
Page 2 of 4
Purchaser:
/
Broker:
Purchaser representation occurs by virtue of this Agreement. (Note: Broker may assist a
seller or prospective seller by performing ministerial acts that are not inconsistent with
Broker’s duties as Purchaser’s agent under this Agreement.)
Designated representation occurs when a purchaser and seller in one transaction are
represented by different sales associate(s) affiliated with the same broker. Each of these sales
associates, known as a designated representative, represents fully the interests of a different
client in the same transaction. Designated representatives are not dual representatives if each
represents only the purchaser or only the seller in a specific real estate transaction. In the
event of designated representatives, each representative shall be bound by client
confidentiality requirements, set forth in the BROKER’S DUTIES paragraph.
The broker remains a dual representative.
Purchaser does not consent to designated representation thus Purchaser does not allow
Broker to show properties owned by a seller represented by this Broker through another
designated representative associated with the firm OR
Purchaser consents to designated representation and the Purchaser allows Broker to show
properties owned by a seller represented by this Broker through another designated
representative associated with the firm.
Dual representation occurs when the same Broker and the same sales associate represent
both the purchaser and seller in one transaction. In the event of dual representation, Broker
shall be bound by confidentiality requirements for each client, set forth in the
BROKER’S DUTIES paragraph.
Purchaser does not consent to dual representation thus Purchaser does not allow Broker to
show properties owned by a seller represented by this Broker through the same representative
OR
✔ Purchaser consents to dual representation and thus Purchaser allows Broker to show
properties owned by a seller represented by this Broker through the same representative.
An additional disclosure is required before designated or dual representation is to occur
for a specific transaction.
Non-Agency occurs when the real estate licensee does not represent either party to the real
estate transaction and acts to facilitate the transaction by assisting one or both parties to reach
an agreement, as an independent contractor and without being an advocate for the interest of
either party. In the event of non-agency, the real estate licensee would not owe traditional
duties to either party, but would still owe the parties duties imposed on all licensees by the
Commonwealth of Virginia.
12. DISCLAIMER. Purchaser acknowledges that Broker is being retained solely as a real estate
agent and not as an attorney, tax advisor, lender, appraiser, surveyor, structural engineer,
mold or air quality expert, home inspector or other professional service provider. Purchaser
is advised to seek professional advice concerning the condition of the property or concerning
legal and tax matters. Purchaser should exercise whatever due diligence Purchaser deems
necessary with respect to information on any sexual offenders registered under Chapter 9 of
Title 9.1 of the Code of Virginia. Such information may be obtained by contacting your local
police department or the Department of State Police, Central Criminal Records Exchange, at
(804)674-2000 or http://sex-offender.vsp.virginia.gov/sor/.
13. COMPLIANCE WITH FAIR HOUSING LAWS. Property shall be shown and made
available without regard to race, color, religion, sex, handicap, familial status or national
origin as well as all classes protected by the laws of the United States, the Commonwealth of
Virginia and applicable local jurisdictions, or by the REALTOR® Code of Ethics.
14. OTHER PROVISIONS.
NVAR – K1338 – rev. 01/13
LF203
Page 3 of 4
Purchaser:
/
Broker:
15. MISCELLANEOUS. This Agreement, any exhibits and any addenda signed by the parties
constitute the entire agreement between the parties and supersedes any other written or oral
agreements between the parties. This Agreement can only be modified in writing when
signed by both parties. The laws of Virginia shall govern the validity, interpretation and
enforcement of the Agreement.
16. ATTORNEY’S FEES. If any Party breaches this Agreement and a non-breaching Party
retains legal counsel to enforce its rights hereunder, the non-breaching Party shall be entitled
to recover against the breaching Party, in addition to any other damages recoverable against
any breaching Party, all of its reasonable Legal Expenses incurred in enforcing its right under
this Agreement, whether or not suit is filed, and in obtaining, enforcing and/or defending any
judgment related thereto. Should any tribunal of competent jurisdiction determine that more
than one Party to the dispute has breached this Agreement, then all such breaching Parties
shall bear their own costs, unless the tribunal determines that one or more of the Parties is a
“Substantially Prevailing Party”, in which case any such Substantially Prevailing Party shall
be entitled to recover from any of the breaching Parties, in addition to any other damages
recoverable against any breaching Party, all of its reasonable Legal Expenses incurred in
enforcing its rights under this Agreement, whether or not suit is filed, and in obtaining,
enforcing and/or defending any judgment related thereto. “Party” as used in this paragraph
includes any third party beneficiary identified herein. “Legal Expenses” as used in this
paragraph includes attorney fees, court costs, and litigation expenses, if any, including, but
not limited to, expert witness fees and court reporter fees.
does not hold an active or inactive Virginia real estate license.
The Buyer
does OR
(NOTE: Purchaser should consult with Sales Associate before visiting any resale or new
homes or contacting any other Real Estate Associates representing sellers, to avoid the
possibility of confusion over the brokerage relationship and misunderstandings about
liability for compensation.)
Date
Date
Date
Date
/
Purchaser
/
Purchaser
/
Purchaser
/
Purchaser
/
Date Broker/Sales Manager
******************************************************************************
Sales Associate Contact Information
Sales Associate (Purchaser’s Agent):
Alyssa Hellman
Phone: (W)
(Cell)
(703) 657-9451
(703) 522-0500
Email: Alyssa.Hellman@Longandfoster.com
Fax:
(703) 525-0387
©2013 Northern Virginia Association of REALTORS®, Inc.
NVAR – K1338 – rev. 01/13
LF203
Page 4 of 4
Purchaser:
/
Broker:
DISCLOSURE OF BROKERAGE RELATIONSHIP
EXPLANATION TO CONSUMERS
Real estate licensees in Virginia are required by law to make prompt written disclosure of any brokerage
relationship to members of the public who are unrepresented. Licensees must also make written disclosures
and obtain timely written consents from their clients before entering into other brokerage relationships. The
attached form is provided to you to satisfy these requirements and to help you understand the nature of the
brokerage relationship of the licensee.
THE LICENSEE’S DUTIES
A licensee must have a written brokerage agreement to represent a client and a licensee owes his client
certain duties. A licensee who is not representing you in a transaction can nonetheless provide you other
valuable information and assistance. However, you should always keep in mind whom the licensee
represents in your transaction, and thus to whom that licensee owes the duties described below.
WHOM DOES THE LICENSEE REPRESENT?
In any real estate transaction, a licensee may represent the seller, the buyer, or, under certain
circumstances, both seller and buyer.
The Seller
The Buyer
A licensee represents a seller via a written brokerage agreement called a listing
agreement, in which case the licensee owes his primary responsibilities to the seller.
The licensee must disclose his relationship with the seller whenever dealing with an
unrepresented buyer. The licensee is also allowed to assist an unrepresented buyer
with ministerial duties - such as filling in the blanks of a contract and holding the
escrow deposit.
If a buyer desires to be represented by a licensee, then the buyer and the licensee
must enter into a written brokerage agreement by which the licensee agrees to
represent the interests of the buyer. The licensee must disclose his relationship with
the buyer whenever dealing with an unrepresented seller. Furthermore, the licensee
may perform ministerial duties for an unrepresented seller – such as delivering offers
and counteroffers.
The Buyer and
The Seller
A licensee and his firm may represent both the buyer and the seller in a particular
transaction, but only with the informed written consent of both the buyer and the
seller. A licensee representing both the buyer and seller in a dual capacity is
necessarily limited in his ability to represent either the buyer or seller fully and
exclusively. The licensee must safeguard the confidentiality of any information
obtained within the confidentiality and trust of the brokerage relationship, unless
disclosure of such information is required by law. Specifically, the licensee must not
tell the buyer that the seller will accept a price lower than the listing price, nor tell the
seller that the buyer will pay a price higher than the price offered.
Designated
Licensees
Virginia law also permits a principal or supervising broker to designate different
licensees affiliated with the broker to represent different clients in the same
transaction. Designated agency/representation requires informed written consent
from both parties. Unlike the dual relationship discussed in the previous paragraph,
these designated licensees represent only the interest of their respective clients, and
may therefore represent those interests fully. The principal or supervising broker who
is supervising the transaction will be considered dual broker of both seller and buyer.
Designated licensees may not disclose, except to their broker, personal or financial
information received from the clients during the brokerage relationship and any other
information a client requests to be kept confidential, unless required by law to be
disclosed or the client consents to its disclosure in writing.
COPYRIGHT©2012 by the VIRGINIA ASSOCIATION OF REALTORS®. All rights reserved. This form may be used only by members in good standing with
the VIRGINIA ASSOCIATION OF REALTORS®. The reproduction of this form, in whole or in part, or the use of the name "VIRGINIA ASSOCIATION OF
REALTORS®", in connection with any other form, is prohibited without prior written consent from the VIRGINIA ASSOCIATION OF REALTORS®.
LF209
For Agent Use:
Agent Name:
AFFILIATED BUSINESS ARRANGEMENT
DISCLOSURE STATEMENT
(VIRGINIA)
Please Check One:
✔ Buyer
Alyssa
Hellman
First
Office Name:
Last
Arlington Sales
Seller
To (Client’s Name):
Client Phone Number(s):
Home:
Work:
Property Address: (Street) From:
Long & Foster REALTORS
Property Type (check one): ✔ Single-family
Cell:
(State) VA
(City)
(Zip)
Email:
MLS #:
Townhouse
Condo
Co-op
Multi-family
Lot / Land
In connection with the sale and purchase of this property, you may need to obtain certain settlement services. This is to give you
notice that Long & Foster Real Estate, Inc. ("Long & Foster") has business relationships (e.g., direct or indirect ownership interests,
joint ventures and/or contractual relationships including marketing agreements and/or office leases) with the following mortgage, title,
closing, insurance, home warranty, and other service providers:
Lenders for mortgage financing:
Prosperity Mortgage Company
(Prosperity Mortgage Company and Long & Foster are both indirectly owned by The Long & Foster Companies, Inc.
The Long & Foster Companies, Inc. indirectly owns 50% of Prosperity Mortgage Company.)
Prosperity Home Mortgage, LLC
(Prosperity Home Mortgage, LLC and Long & Foster are both indirectly owned by The Long & Foster Companies, Inc.
The Long & Foster Companies, Inc. indirectly owns 100% of Prosperity Home Mortgage, LLC.)
To close your purchase or sale and/or for title insurance:
Long & Foster has a business relationship with the following companies:
(VA)
MBH Settlement Group LC and/or its affiliate Eastern Title LLC
(Richmond)
Bon Air Title
The Long & Foster Companies, Inc. indirectly owns 100% of Long & Foster Real Estate, Inc. The Long & Foster
Companies, Inc. also has an indirect ownership interest in the following title companies. The percentage of each indirect
ownership interest is shown in parentheses next to the name of the company.
(VA, MD, DC)
RGS Title, LLC (100%)--Subsidiary
Sage Title Group, LLC (100%)--Subsidiary
(VA, MD, DC, DE, WV)
(VA)
Eastern Title, LLC (45%)
Bon Air/Long & Foster Title Agency LLC (50%)
(Richmond)
(Southwest VA)
Sage Title Group, LLC doing business as Mid-States Title of Southwest Virginia (100%)
(VA, MD, DC)
Settlement Professionals, LLC doing business as Settlement Pros (100%)
For insurance, including property, hazard, and flood:
Long & Foster Insurance Agency, Inc.
As a result of these relationships, referrals to any of the above-listed entities may provide Long & Foster (and/or any of its
subsidiaries, affiliates, or employees) with a financial or other benefit.
Set forth below are estimated charges or a range of charges for the settlement services listed. You are NOT required to use
the listed providers as a condition for purchase of the subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT
SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE
THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.
LENDER CHARGES
PROSPERITY MORTGAGE COMPANY AND PROSPERITY HOME MORTGAGE, LLC charge fees which may include discount points and/
or lender origination charges. The charges and fees will depend on the loan product and interest rate you choose and may be expressed
as a flat fee or a percentage of the loan amount. Estimated ranges for these charges are provided below. Please consult with your lender
for a list of applicable charges.
Lender Origination Charge: 0% - 4%
LF172V
Page 1 of 2
12/13
CLOSING FEES, TITLE INSURANCE & OTHER CHARGES
Closing fees and other charges may be collected by your settlement company. These fees are not always determined consistently-even within the same company or office. Please consult with your settlement company for a list of charges.
Estimated owners’ title insurance premiums (per $1,000 of sales price) are provided below for "enhanced" coverage. Other options
may be available, including less comprehensive "standard" coverage and a "reissue rate," which could reduce your charges.
Virginia
First $250,000
$250,001-$500,000
$500,001-$1,000,000
$1,000,001-$2,000,000
$4.90
$4.65
$4.25
$2.85
Simultaneous issue of Lenders’ Policy (VA) is $150.00.
Title insurance commitment fee per owner/lender
policy will not exceed $125.00. Insured Closing
Protection Letter per lender policy is $20.00.
INSURANCE CHARGES
LONG & FOSTER INSURANCE AGENCY, INC. is an insurance agency representing many different insurers. The only cost is the
insurance policy coverage chosen by you.
Homeowners Insurance premium: $300-$1,600+ per year
Flood insurance is not included in the estimate above, but may be available for an additional premium.
HOME WARRANTY DISCLOSURE
Long & Foster has a business relationship with HMS National, Inc. and 2-10 Home Buyers Warranty. Through these relationships, Long
& Foster Insurance Agency, Inc. may derive a financial and/or other benefit.
Home Warranty cost: $300-$450
ACKNOWLEDGMENT
I/we have read this disclosure form, and understand that Long & Foster Real Estate, Inc. is referring me/us to purchase the
above-described settlement service(s) and may receive a financial or other benefit as the result of this referral.
/
Signature
LF172V
/
Date
Signature
Page 2 of 2
Date
12/13
Notice to Consumers About Written Brokerage Agreements
Virginia law1 now requires that once a real estate licensee and a member of the
public have agreed to work together to sell, purchase, lease or manage real estate,
they must put their agreement in writing in the form of a brokerage agreement
before the agent can begin to actually perform any licensed activity. “Licensed
activity” refers to specific tasks that a real estate licensee may perform for a
consumer that the licensee represents. Such tasks may only be performed by
someone holding a real estate license. Some examples of licensed activity are
provided below (this is not a comprehensive list):
■ Showing a property to a prospective client.
■ Giving any opinions or advice about a property’s condition or what repairs to
make or ask for.
■ Negotiating a contract, rent, security deposit, or other lease or contract
provisions.
Before a licensee engages in any of these activities, you and the licensee must sign
a brokerage agreement.
The purpose of the law is to help keep consumers fully informed about the real
estate services they’ll receive and the nature of their relationship with the
licensee. It removes ambiguity, and puts everyone on the same page.
If you have any questions feel free to discuss them with your agent!
1
LF209A
2011 Acts of Assembly Chapter 461
VIRGINIA ASSOCIATION OF REALTORS®
DISCLOSURE OF DUAL AGENCY OR DUAL REPRESENTATION* IN A RESIDENTIAL REAL ESTATE TRANSACTION
Alyssa Hellman
The undersigned do hereby acknowledge disclosure that the licensee
Long & Foster REALTORS
(Broker or Salesperson) associated with
(Brokerage
Firm) for the sale or lease of
, VA
represents more than one party in this residential real estate transaction as follows:
A. The Licensee represents the
Seller
OR
(Property)
Landlord
as a (select one below):
✔ Standard Agent
OR
B. The Licensee represents the
Limited Service Agent
Buyer
OR
OR
Independent Contractor
Tenant
as a (select one below):
✔ Standard Agent
OR
Limited Service Agent
OR
Independent Contractor
*“Dual Agency” means representing a client as a standard agent or as a limited service agent. “Dual Representation” means representing a client as an independent contractor. C. Brokerage Firm disclosure and client acknowledgement of the following (select one):
BOTH CLIENTS ARE EXISTING CLIENTS
Brokerage Firm represents two existing clients in the transaction and the undersigned
acknowledge the following:
The undersigned understand that the foregoing dual agent or dual representative may not disclose to either client any information that has been given to the dual agent or representative by the other client within the confidence and trust of the brokerage relationship except for that information which is otherwise required or permitted by § 54.1-2130 et seq. of the Code of Virginia to be disclosed.
OR
ONE EXISTING CLIENT ONE NEW CLIENT
Brokerage Firm represents one existing client and one new client in the transaction and the
undersigned acknowledge the following:
The undersigned understand:
1.
That following the commencement of dual agency or representation, the licensee cannot advise
either party as to the terms to offer or accept in any offer or counteroffer; however, the licensee may have advised one party as to such terms prior to the commencement of dual agency or representation; 2.
That the licensee cannot advise the buyer client as to the suitability of the property, its condition
(other than to make any disclosures as required by law of any licensee representing a seller), and cannot advise either party as to what repairs of the property to make or request; LF207 - VAR Form 101 (rev. 01/13)
Page 1 of 2
3.
That the licensee cannot advise either party in any dispute that arises relating to the
transaction;
4.
That licensee may be acting without knowledge of the client's needs, client's knowledge of the
market, or client's capabilities in dealing with the intricacies of real estate transactions; and
5.
That either party may engage another licensee at additional cost to represent their respective
interests.
The undersigned by signing this notice do hereby acknowledge their consent to the disclosed dual representation by the licensee. SELLER/LANDLORD
BUYER/TENANT
/
Date
/
Signature
SELLER/LANDLORD
Date
BUYER/TENANT
/
Date
Signature
/
Signature
Date
Signature
Copyright© 2013 by the Virginia Association of REALTORS®. All rights reserved. This form may be used only by
members in good standing with the Virginia Association of REALTORS®. The reproduction of this form, in whole or in
part, or the use of the name “Virginia Association of REALTORS®”, in connection with any other form, is prohibited
without the prior consent from the Virginia Association of REALTORS®.
LF207 - VAR Form 101 (rev. 01/13)
Page 2 of 2