In
most instances, Brokers prefer a written Exclusive Agency Agreement to transact
real estate Such agreements are vastly
different in scope and purpose. In
nearly all instances, most Brokers will not accept verbal assignments or
requests to broker real estate, unless such Broker represents a Buyer under a
“Buyer’s Broker Agreement”.
Under
Non-exclusive Agency, the Broker is not assured of an exclusive right to
represent a Buyer to the exclusion of all others, as described under the
agreement, for a disclosed period of time under certain qualifying conditions
including fees for professional services.
Both Broker and Buyer are bound by the terns of the Agreement even
though such agreement may be foolish or improvident to either party. It is a fundamental maxim (providing the
same is legal in nature) that the parties are bound by the terms of their own
agreement, and thus stipulated.
Under Exclusive Agency, the Broker is assured of an unrivaled and exclusive right to represent a Buyer, as described under the agreement, to the exclusion of all others, for a disclosed period of time under certain qualifying conditions including fees for professional services. Both Broker and Buyer are bound by the terns of the Agreement even though such agreement may be foolish or improvident to either party. It is a fundamental maxim (providing the same is legal in nature) that the parties are bound by the terms of their own agreement, and thus so stipulated.