Common use of BUYER AGENCY Clause in Contracts

BUYER AGENCY. The BUYER’S agent represents BUYER only, so the Seller may be either unrepre- 126 sented or represented by another agent. The BUYER’S agent is responsible for performing the 127 following duties: promoting the interests of BUYER with the utmost good faith, loyalty and fidelity; 128 protecting BUYER’S confidences, unless disclosure is required by law; presenting all offers in a time- 129 ly manner; advising BUYER to obtain expert advice; accounting for all money and property received; 130 disclosing to BUYER all adverse material facts that the agent knows; disclosing to the Seller all 131 adverse material facts actually known by the agent, including all material facts concerning BUYER’S 132 financial ability to perform the terms of the transaction. The BUYER’S agent has no duty to: conduct 133 an independent investigation of BUYER’S financial condition for the benefit of the Seller; inde- 134 pendently verify the accuracy or completeness of statements made by BUYER or any qualified third 135 party. 136 • Transaction Broker. (Kansas and Missouri). BUYER acknowledges that BROKER may have 137 clients who have retained BROKER to represent them in the sale of property. If the property owned 138 by one of these clients is one in which BUYER becomes interested in making an offer, BROKER 139 would be in the position of representing BUYER and the Seller in the same transaction. Unless 140 designated agents have been appointed as provided below, this representation would constitute a 141 dual agency (Missouri only). With the informed consent of both BUYER and the Seller, BROKER 142 may act as a Transaction Broker. As a Transaction Broker, BROKER would assist the parties with 143 the real estate transaction without being an agent or advocate for the interests of either party. A 144 Transaction Broker has the duty to perform the terms of any written or oral agreement made with any 145 party to the transaction; to exercise reasonable skill, care and diligence as a Transaction Broker, 146 including but not limited to: presenting all offers and counter offers in a timely manner regardless of 147 whether the Property is subject to a Contract for sale or lease or a letter of intent; keeping the parties 148 fully informed regarding the transaction and suggesting that such parties obtain expert advice as to 149 material matters about which the Transaction Broker knows but the specifics of which are beyond the 150 expertise of such broker; accounting in a timely manner for all money and property received; 151 152 disclosing to each party to the transaction any adverse material facts of which the Transaction Broker 153 has actual notice or knowledge; and assisting the parties in complying with the terms and conditions 154 of any Contract. The parties to a transaction brokerage transaction shall not be liable for any acts of 155 the Transaction Broker. The following information shall not be disclosed by a Transaction Broker 156 without the informed consent of the party or parties disclosing such information to the Transaction 157 Broker: that BUYER is willing to pay more than the Purchase Price offered for the Property; that a 158 Seller is willing to accept less than the asking price for the Property; what the motivating factors are 159 for any party buying, selling or leasing the Property; that a Seller or BUYER will agree to financing 160 terms other than those offered; any confidential information about the other party, unless disclosure 161 of such information is required by law, statute, rules or regulations or failure to disclose such 162 information would constitute fraud or dishonest dealing. A separate Transaction Broker 163 Addendum must be signed by all parties when this arrangement is used. 164 • Subagency-Agency. A Subagent is the agent of an agent. A Subagent owes the same obligations 165 and responsibilities as the agent. 166 • Disclosed Dual Agency. (Missouri only) BROKER may have clients who have retained BROKER 167 to represent them in connection with the sale of property. If a Seller represented by BROKER has 168 property in which BUYER becomes interested in making an offer, BROKER is in the position of 169 representing both BUYER and Seller in that transaction. This representation, known as dual agency, 170 can create inherent conflicts of interest. A Dual Agent shall be a limited agent for both BUYER and 171 Seller and shall have the duties of BUYER’S or Seller’s agent except that a Dual Agent may disclose 172 any information to one client that the licensee gains from the other client if the information: (1) is 173 material to the transaction unless it is confidential information that has not been made public or; (2) 174 becomes public by the words or conduct of the client to whom the information pertains or; (3) is 175 obtained from a source other than the licensee. A Dual Agent may not disclose, without the consent 176 of the client to whom the information pertains: that BUYER is willing to pay more than the Purchase 177 Price offered for the Property; that a Seller is willing to accept less than the asking price for the 178 Property; what the motivating factors are for any client, buying or selling the Property; that a client will 179 agree to financing terms other than those offered and/or the terms of any prior offers or counter offers 180 made by any party. A Dual Agent shall not disclose to any other client any confidential information 181 about the other client unless the disclosure is required by statute, rules or regulations or failure to 182 disclose the information would constitute a misrepresentation or unless disclosure is necessary to 183 defend the affiliate licensee against an action of wrongful conduct in any administrative or judicial 184 proceeding or before a professional committee. A separate Disclosed Dual Agency Amendment 185 must be signed by BUYER and Seller when this form of agency is used. 186 • Designated Agency. A Designated Agent is a licensee affiliated with BROKER who has been 187 designated by BROKER, or BROKER’S authorized representative, to act as the agent of a Buyer 188 represented by BROKER or a Seller represented by BROKER to the exclusion of all other affiliated 189 licensees of BROKER. The use of a Designated Agent is an alternative to a Disclosed Dual Agency 190 in Missouri or a Transaction Broker in Kansas or Missouri. A Designated Buyer’s Agent will perform 191 all of the duties of a Buyer’s Agent. 192 If a Designated Agent is appointed to represent BUYER, BUYER understands and agrees 193 that: 194 (1) The Designated Agent will perform all of the duties of the BUYER’S Agent and will be 195 BUYER’S legal agent to the exclusion of all other licensees affiliated with BROKER. 196 (2) Another licensee with the BROKER may act as a Designated Agent for a Seller in 197 BUYER’S purchase of the Property.

BUYER AGENCY. The BUYER’S agent represents BUYER only, so the Seller may be either unrepre- 126 sented unrepresented 127 or represented by another agent. The BUYER’S agent is responsible for performing the 127 following duties: 128 promoting the interests of BUYER with the utmost good faith, loyalty and fidelity; 128 protecting BUYERXXXXX’S confidencescon- 129 fidences, unless disclosure is required by law; presenting all offers in a time- 129 ly timely manner; advising BUYER to 130 obtain expert advice; accounting for all money and property received; 130 disclosing to BUYER all adverse material ma- 131 terial facts that the agent knows; disclosing to the Seller all 131 adverse material facts actually known by the 132 agent, including all material facts concerning BUYER’S 132 financial ability to perform the terms of the transactiontransac- 133 tion. The BUYER’S agent has no duty to: conduct 133 an independent investigation of BUYER’S financial condition con- 134 dition for the benefit of the Seller; inde- 134 pendently independently verify the accuracy or completeness of statements made 135 by BUYER or any qualified third 135 party. 136 • Transaction Broker. (Kansas and Missouri). BUYER acknowledges that BROKER may have clients 137 clients who have retained BROKER to represent them in the sale of property. If the property owned 138 by one of 138 these clients is one in which BUYER becomes interested in making an offer, BROKER 139 would be in the 139 position of representing BUYER and the Seller in the same transaction. Unless Designated Agents have 140 designated agents have been appointed as provided below, this representation would constitute a 141 dual agency (Missouri only). 141 With the informed consent of both BUYER and the Seller, BROKER 142 may act as a Transaction Broker. As a 142 Transaction Broker, BROKER would assist the parties with 143 the real estate transaction without being an 143 agent or advocate for the interests of either party. A 144 Transaction Broker Xxxxxx has the duty to perform the terms 144 of any written or oral agreement made with any 145 party to the transaction; to exercise reasonable skill, care 145 and diligence as a Transaction Broker, 146 including but not limited to: presenting all offers and counter offers 146 in a timely manner regardless of 147 whether the Property is subject to a Contract for sale or lease or a letter of 147 intent; keeping the parties 148 fully informed regarding the transaction and suggesting that such parties obtain 148 expert advice as to 149 material matters about which the Transaction Broker Xxxxxx knows but the specifics of which 149 are beyond the 150 expertise of such broker; accounting in a timely manner for all money and property 150 received; 151 152 disclosing to each party to the transaction any adverse material facts of which the Transaction 151 Broker 153 has actual notice or knowledge; and assisting the parties in complying with the terms and conditions 154 152 of any Contract. The parties to a transaction brokerage transaction shall not be liable for any acts of 155 the 153 Transaction Broker. The following information shall not be disclosed by a Transaction Broker 156 without the 154 informed consent of the party or parties disclosing such information to the Transaction 157 Broker: that BUYER 155 is willing to pay more than the Purchase Price offered for the Property; that a 158 Seller is willing to accept less 156 than the asking price for the Property; what the motivating factors are 159 for any party buying, selling or 157 leasing the Property; that a Seller or BUYER will agree to financing 160 terms other than those offered; any 158 confidential information about the other party, unless disclosure 161 of such information is required by law, 159 statute, rules or regulations or failure to disclose such 162 information would constitute fraud or dishonest 160 dealing. A separate Transaction Broker 163 Addendum must be signed by all parties when this 161 arrangement is used. 164 162 • Subagency-Agency. A Subagent is the agent of an agent. A Subagent owes the same obligations 165 and 163 responsibilities as the agent. 166 164 • Disclosed Dual Agency. (Missouri only) BROKER may have clients who have retained BROKER 167 to 165 represent them in connection with the sale of property. If a Seller represented by BROKER has 168 property in 166 which BUYER XXXXX becomes interested in making an offer, BROKER is in the position of 169 representing both 167 BUYER and Seller in that transaction. This representation, known as dual agency, 170 can create inherent 168 conflicts of interest. A Dual Agent shall be a limited agent for both BUYER and 171 Seller and shall have the 169 duties of BUYER’S or Seller’s agent except that a Dual Agent may disclose 172 any information to one client 170 that the licensee gains from the other client if the information: (1) is 173 material to the transaction unless it is 171 confidential information that has not been made public or; (2) 174 becomes public by the words or conduct of 172 the client to whom the information pertains or; (3) is 175 obtained from a source other than the licensee. A Dual 173 Agent may not disclose, without the consent 176 of the client to whom the information pertains: that BUYER XXXXX is 174 willing to pay more than the Purchase 177 Price offered for the Property; that a Seller is willing to accept less 175 than the asking price for the 178 Property; what the motivating factors are for any client, buying or selling the 176 Property; that a client will 179 agree to financing terms other than those offered and/or the terms of any prior 177 offers or counter offers 180 made by any party. A Dual Agent shall not disclose to any other client any 178 confidential information 181 about the other client unless the disclosure is required by statute, rules or 179 regulations or failure to 182 disclose the information would constitute a misrepresentation or unless disclosure 180 is necessary to 183 defend the affiliate licensee against an action of wrongful conduct in any administrative or 181 judicial 184 proceeding or before a professional committee. A separate Disclosed Dual Agency Amendment 185 182 must be signed by BUYER XXXXX and Seller when this form of agency is used. 186 183 • Designated Agency. A Designated Agent is a licensee affiliated with BROKER who has been 187 designated 184 by BROKER, or BROKER’S authorized representative, to act as the agent of a Buyer 188 represented by 185 BROKER or a Seller represented by BROKER to the exclusion of all other affiliated 189 licensees of BROKER. 186 The use of a Designated Agent is an alternative to a Disclosed Dual Agency 190 in Missouri or a Transaction 187 Broker in Kansas or Missouri. A Designated BuyerXxxxx’s Agent will perform 191 all of the duties of a Buyer’s Agent. 192 188 If a Designated Agent is appointed to represent BUYER, BUYER understands and agrees 193 that: 194 (1) The Designated Agent will perform all of the duties of the BUYER’S Agent and will be 195 BUYER’S legal agent to the exclusion of all other licensees affiliated with BROKER. 196 (2) Another licensee with the BROKER may act as a Designated Agent for a Seller in 197 BUYER’S purchase of the Property.:

BUYER AGENCY. The BUYER’S Buyer’s agent represents BUYER only, so the Seller may be either unrepre- 126 sented unrepresented or 132 represented by another agent. The BUYER’S agent is responsible for performing the 127 following duties: 133 promoting the interests of BUYER with the utmost good faith, loyalty and fidelity; 128 protecting BUYERXXXXX’S 134 confidences, unless disclosure is required by law; presenting all offers in a time- 129 ly timely manner; advising BUYER 135 to obtain expert advice; accounting for all money and property received; 130 disclosing to BUYER all adverse 136 material facts that the agent knows; disclosing to the Seller all 131 adverse material facts actually known by the 137 agent, including all material facts concerning BUYER’S 132 financial ability to perform the terms of the 138 transaction. The BUYER’S agent has no duty to: conduct 133 an independent investigation of BUYER’S financial 139 condition for the benefit of the Seller; inde- 134 pendently independently verify the accuracy or completeness of statements made by 140 BUYER or any qualified third 135 party. 136 141 • Transaction Broker. (Kansas and Missouri). BUYER acknowledges that BROKER may have 137 clients who 142 have retained BROKER to represent them in the sale of property. If the property owned 138 by one of these 143 clients is one in which BUYER becomes interested in making an offer, BROKER 139 would be in the position of 144 representing BUYER and the Seller in the same transaction. Unless 140 designated agents Designated Agents have been 145 appointed as provided below, this representation would constitute a 141 dual agency (Missouri only). With the 146 informed consent of both BUYER and the Seller, BROKER 142 may act as a Transaction Broker. As a 147 Transaction Broker, BROKER would assist the parties with 143 the real estate transaction without being an 148 agent or advocate for the interests of either party. A 144 Transaction Broker Xxxxxx has the duty to perform the terms 149 of any written or oral agreement made with any 145 party to the transaction; to exercise reasonable skill, care 150 and diligence as a Transaction Broker, 146 including but not limited to: presenting all offers and counter offers in 151 a timely manner regardless of 147 whether the Property is subject to a Contract for sale or lease or a letter of 152 intent; keeping the parties 148 fully informed regarding the transaction and suggesting that such parties obtain 153 expert advice as to 149 material matters about which the Transaction Broker Xxxxxx knows but the specifics of which 154 are beyond the 150 expertise of such brokerBROKER; accounting in a timely manner for all money and property 155 received; 151 152 disclosing to each party to the transaction any adverse material facts of which the Transaction 156 Broker 153 has actual notice or knowledge; and assisting the parties in complying with the terms and conditions 154 157 of any Contract. The parties to a transaction brokerage transaction shall not be liable for any acts of 155 the 158 Transaction Broker. The following information shall not be disclosed by a Transaction Broker 156 without the 159 informed consent of the party or parties disclosing such information to the Transaction 157 Broker: that BUYER 160 is willing to pay more than the Purchase Price offered for the Property; that a 158 Seller is willing to accept less 161 than the asking price for the Property; what the motivating factors are 159 for any party buying, selling or leasing 162 the Property; that a Seller or BUYER will agree to financing 160 terms other than those offered; any confidential 163 information about the other party, unless disclosure 161 of such information is required by law, statute, rules or 164 regulations or failure to disclose such 162 information would constitute fraud or dishonest dealing. A separate 165 Transaction Broker 163 Addendum must be signed by all parties when this arrangement is used. 164 166 • Subagency-Agency. A Subagent is the agent of an agent. A Subagent owes the same obligations 165 and 167 responsibilities as the agent. 166 168 • Disclosed Dual Agency. (Missouri only) BROKER may have clients who have retained BROKER 167 to 169 represent them in connection with the sale of property. If a Seller represented by BROKER has 168 170 property in which BUYER XXXXX becomes interested in making an offer, BROKER is in the position of 169 171 representing both BUYER and Seller in that transaction. This representation, known as dual agency, 170 172 can create inherent conflicts of interest. A Dual Agent shall be a limited agent for both BUYER and 171 173 Seller and shall have the duties of BUYER’S or Seller’s agent except that a Dual Agent may disclose 172 174 any information to one client that the licensee gains from the other client if the information: (1) is 173 175 material to the transaction unless it is confidential information that has not been made public or; (2) 174 176 becomes public by the words or conduct of the client to whom the information pertains or; (3) is 175 obtained 177 from a source other than the licensee. A Dual Agent may not disclose, without the consent 176 of the client 178 to whom the information pertains: that BUYER XXXXX is willing to pay more than the Purchase 177 Price offered for 179 the Property; that a Seller is willing to accept less than the asking price for the 178 Property; what the 180 motivating factors are for any client, buying or selling the Property; that a client will 179 agree to financing 181 terms other than those offered and/or the terms of any prior offers or counter offers 180 made by any party. 182 A Dual Agent shall not disclose to any other client any confidential information 181 about the other client 183 unless the disclosure is required by statute, rules or regulations or failure to 182 disclose the information 184 would constitute a misrepresentation or unless disclosure is necessary to 183 defend the affiliate licensee 185 against an action of wrongful conduct in any administrative or judicial 184 proceeding or before a 186 professional committee. A separate Disclosed Dual Agency Amendment 185 must be signed by 187 BUYER and Seller when this form of agency is used. 186 188 • Designated Agency. A Designated Agent is a licensee affiliated with BROKER who has been 187 189 designated by BROKER, or BROKER’S authorized representative, to act as the agent of a Buyer 188 BUYER 190 represented by BROKER or a Seller represented by BROKER to the exclusion of all other affiliated 189 191 licensees of BROKER. The use of a Designated Agent is an alternative to a Disclosed Dual Agency 190 in 192 Missouri or a Transaction Broker in Kansas or Missouri. A Designated BuyerXxxxx’s Agent will perform 191 all of 193 the duties of a Buyer’s Agent. 192 194 If a Designated Agent is appointed to represent BUYER, BUYER understands and agrees 193 that: 194 (1) The Designated Agent will perform all of the duties of the BUYER’S Agent and will be 195 BUYER’S legal agent to the exclusion of all other licensees affiliated with BROKER. 196 (2) Another licensee with the BROKER may act as a Designated Agent for a Seller in 197 BUYER’S purchase of the Property.:

BUYER AGENCY. The BUYER’S agent represents BUYER only, so the Seller may be either unrepre- 126 sented unrepresented 119 or represented by another agent. The BUYER’S agent is responsible for performing the 127 following duties: 120 promoting the interests of BUYER with the utmost good faith, loyalty and fidelity; 128 protecting BUYER’S confidencescon- 121 fidences, unless disclosure is required by law; presenting all offers in a time- 129 ly timely manner; advising BUYER to 122 obtain expert advice; accounting for all money and property received; 130 disclosing to BUYER all adverse material ma- 123 terial facts that the agent knows; disclosing to the Seller all 131 adverse material facts actually known by the 124 agent, including all material facts concerning BUYER’S 132 financial ability to perform the terms of the transactiontransac- 125 tion. The BUYER’S agent has no duty to: conduct 133 an independent investigation of BUYER’S financial condition con- 126 dition for the benefit of the Seller; inde- 134 pendently independently verify the accuracy or completeness of statements made 127 by BUYER or any qualified third 135 party. 136 128 • Transaction Broker. (Kansas and Missouri). BUYER acknowledges that BROKER may have 137 clients 129 who have retained BROKER to represent them in the sale of property. If the property owned 138 by one of 130 these clients is one in which BUYER becomes interested in making an offer, BROKER 139 would be in the 131 position of representing BUYER and the Seller in the same transaction. Unless 140 designated agents Designated Agents have 132 been appointed as provided below, this representation would constitute a 141 dual agency (Missouri only). 133 With the informed consent of both BUYER and the Seller, BROKER 142 may act as a Transaction Broker. As a 134 Transaction Broker, BROKER would assist the parties with 143 the real estate transaction without being an 135 agent or advocate for the interests of either party. A 144 Transaction Broker has the duty to perform the terms 136 of any written or oral agreement made with any 145 party to the transaction; to exercise reasonable skill, care 137 and diligence as a Transaction Broker, 146 including but not limited to: presenting all offers and counter offers 138 in a timely manner regardless of 147 whether the Property is subject to a Contract for sale or lease or a letter of 139 intent; keeping the parties 148 fully informed regarding the transaction and suggesting that such parties obtain 140 expert advice as to 149 material matters about which the Transaction Broker knows but the specifics of which 141 are beyond the 150 expertise of such broker; accounting in a timely manner for all money and property 142 received; 151 152 disclosing to each party to the transaction any adverse material facts of which the Transaction 143 Broker 153 has actual notice or knowledge; and assisting the parties in complying with the terms and conditions 154 144 of any Contract. The parties to a transaction brokerage transaction shall not be liable for any acts of 155 the 145 Transaction Broker. The following information shall not be disclosed by a Transaction Broker 156 without the 146 informed consent of the party or parties disclosing such information to the Transaction 157 Broker: that BUYER 147 is willing to pay more than the Purchase Price offered for the Property; that a 158 Seller is willing to accept less 148 than the asking price for the Property; what the motivating factors are 159 for any party buying, selling or 149 leasing the Property; that a Seller or BUYER will agree to financing 160 terms other than those offered; any 150 confidential information about the other party, unless disclosure 161 of such information is required by law, 151 statute, rules or regulations or failure to disclose such 162 information would constitute fraud or dishonest 152 dealing. A separate Transaction Broker 163 Addendum must be signed by all parties when this 153 arrangement is used. 164 154 • Subagency-Agency. A Subagent is the agent of an agent. A Subagent owes the same obligations 165 and 155 responsibilities as the agent. 166 156 • Disclosed Dual Agency. (Missouri only) BROKER may have clients who have retained BROKER 167 to 157 represent them in connection with the sale of property. If a Seller represented by BROKER has 168 property in 158 which BUYER becomes interested in making an offer, BROKER is in the position of 169 representing both 159 BUYER and Seller in that transaction. This representation, known as dual agency, 170 can create inherent 160 conflicts of interest. A Dual Agent shall be a limited agent for both BUYER and 171 Seller and shall have the 161 duties of BUYER’S or Seller’s agent except that a Dual Agent may disclose 172 any information to one client 162 that the licensee gains from the other client if the information: (1) is 173 material to the transaction unless it is 163 confidential information that has not been made public or; (2) 174 becomes public by the words or conduct of 164 the client to whom the information pertains or; (3) is 175 obtained from a source other than the licensee. A Dual 165 Agent may not disclose, without the consent 176 of the client to whom the information pertains: that BUYER is 166 willing to pay more than the Purchase 177 Price offered for the Property; that a Seller is willing to accept less 167 than the asking price for the 178 Property; what the motivating factors are for any client, buying or selling the 168 Property; that a client will 179 agree to financing terms other than those offered and/or the terms of any prior 169 offers or counter offers 180 made by any party. A Dual Agent shall not disclose to any other client any 170 confidential information 181 about the other client unless the disclosure is required by statute, rules or 171 regulations or failure to 182 disclose the information would constitute a misrepresentation or unless disclosure 172 is necessary to 183 defend the affiliate licensee against an action of wrongful conduct in any administrative or 173 judicial 184 proceeding or before a professional committee. A separate Disclosed Dual Agency Amendment 185 174 must be signed by BUYER and Seller when this form of agency is used. 186 175 • Designated Agency. A Designated Agent is a licensee affiliated with BROKER who has been 187 designated 176 by BROKER, or BROKER’S authorized representative, to act as the agent of a Buyer 188 represented by 177 BROKER or a Seller represented by BROKER to the exclusion of all other affiliated 189 licensees of BROKER. 178 The use of a Designated Agent is an alternative to a Disclosed Dual Agency 190 in Missouri or a Transaction 179 Broker in Kansas or Missouri. A Designated Buyer’s Agent will perform 191 all of the duties of a Buyer’s Agent. 192 180 If a Designated Agent is appointed to represent BUYER, BUYER understands and agrees 193 that: 194 (1) The Designated Agent will perform all of the duties of the BUYER’S Agent and will be 195 BUYER’S legal agent to the exclusion of all other licensees affiliated with BROKER. 196 (2) Another licensee with the BROKER may act as a Designated Agent for a Seller in 197 BUYER’S purchase of the Property.: