2019-243-E Housing - Verbal Realty & Associates 509 Central Ave realty services

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DocuSign Envelope ID:3F2A11F7-03CF-4959-B256-OF8B9C8B7E17 EXCLUSIVE BUYER AGENCY AGREEMENT [Consult"Guidelines"(Form 201G)for guidance in completing this form] This EXCLUSIVE BUYER AGENCY AGREEMENT("Agreement")is entered into(Date) April 18, 2019 , between as Buyer(s)("Buyer"), and Verbal Realty & Associates ("Firm") as the Buyer's exclusive agent to assist the Buyer in the acquisition of real property which may include any purchase, option and/or exchange on terms and conditions acceptable to Buyer. The individual agent who signs this Agreement on behalf of the Firm shall, on behalf of the Firm, be primarily responsible for ensuring that the Finn's duties hereunder are fulfilled; however, it is understood and agreed that other agents of the Firm may be assigned to fulfill such duties if deemed appropriate by the Firm. For purposes of this Agreement,the term "Firm," as the context may require, shall be deemed to include the individual agent who signs this Agreement and any other agents of the Firm. Buyer represents that, as of the commencement date of this Agreement, the Buyer is not a party to a buyer representation agreement with any other real estate firm. Buyer has received a copy of the "WORKING WITH REAL ESTATE AGENTS" brochure and has reviewed it with Firm. Buyer further represents that Buyer has disclosed to Firm information about any properties of the type described in paragraph 1 below that Buyer has visited at any open houses or that Buyer has been shown by any other real estate firm. 1. TYPE OF PROPERTY. © Residential(improved and unimproved) ❑ Commercial(improved and unimproved) ❑ Other (a) General Location: (b)Other: 2. EFFECT OF AGREEMENT. Buyer intends to acquire real property of the type described in paragraph 1. By employing Firm as Buyer's exclusive agent, Buyer agrees to conduct all negotiations for such property through Firm, and to refer to Firm all inquiries received in arty form from other real estate firms,prospective sellers or any other source, during the time this Agreement is in effect. 3. DURATION OF AGENCY.Finn's authority as Buyer's exclusive agent shall begin April 18, 2019 ,and subject to paragraph 4, shall expire at midnight, May 17, 2019 or when Buyer acquires real property of the type described in paragraph 1,whichever occurs sooner. 4. COMPENSATION OF FIRM. (a) Firm acknowledges receipt of a non-refundable retainer fee in the amount of$ which ❑shall X❑shall not be credited toward any compensation due Firm under this Agreement. (b)Buyer agrees that Finn's fee for services hereunder shall be in the amount of 3% of purchase price through the listing firm's offer of compensation in the MLS or otherwise. ("Fee") (Insert dollar amount, percentage of purchase price, or other method of determining Firm's compensation for each type of property the Buyer may purchase, such as resale, new construction, land/lot and/or unrepresented seller. Do not insert N/A or a zero($0)). (i) Firm shall seek the Fee from a cooperating listing firm (through the listing firm's offer of compensation in MLS or otherwise) or from the seller if there is no listing firm, and Buyer agrees that Firm shall be entitled to receive same in consideration for Firm's services hereunder. (ii) If Buyer purchases property where the compensation offered by the listing firm and/or seller is less than the Fee, or where no compensation is offered by either the listing firm or the seller,Buyer and Firm agree that Buyer will pay the difference between the Fee and the compensation offered unless prohibited by law. Firm will timely inform Buyer if the compensation offered is less than expected. (iii) If additional compensation, incentive, bonus, rebate and/or other valuable consideration ("Additional Compensation') is offered through the MLS or otherwise, Buyer will permit the Firm to receive it in addition to the Fee. Firm shall timely disclose the promise or expectation of receiving any such Additional Compensation and confirm the disclosure in writing before Buyer makes or accepts an offer to buy. (Note: NCAR Form #770 may be used to confirm the disclosure of any such Additional Compensation) (c) The compensation shall be deemed earned under any of the following circumstances: (i) If, during the term of this Agreement, Buyer, any assignee of Buyer or any person/legal entity acting on behalf of Buyer directly or indirectly enters into an agreement to purchase, option, and/or exchange any property of the type described above regardless of the manner in which Buyer was introduced to the property;or °S Page 1 of 6 STANDARD FORM 201 North Caroli �ciation of REALTORS®,Inc. 1:21 Revised 7/2018 REACTOR® Buyer initials Individual agent initials o°Po UN;� ©7/2018 Verbal Realty&Associates,PO Box 361 Morrisville NC 27560 Phone:(919)519-1700 Fax: 509 Central Kimberly Verbal Produced with zipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zi[)Loaix.com