Buyer-Broker Agreement: Exclusive Representation
The exclusive right to represent is similar to the non-exclusive agreement except the buyer agrees to work exclusively with the agent or the broker. This means that the buyer cannot hire more than one broker or agent to represent him or her, that the commission is negotiable, that the buyer is not obligated to pay the commission if a third party like the seller pays for it, that the agent or broker can get a higher commission than the fee in the agreement if the seller wants to pay more and the amount is disclosed. The terms of an exclusive agreement can last from three months up to a year. If the buyer chooses to buy a property introduced by the agent, the buyer owes a commission to the agency. This agreement also allows the agent to negotiate with unrepresented sellers on the buyer’s behalf.