Buyer-Broker Agreement
This Agreement is made on ______ Peter Mancini (hereinafter referred to as "Broker")
of Pen Realty and _________________________ (hereinafter referred to as "Buyer").
In consideration of the mutual agreements herein, the parties agree as follows:
1.
Engagement of Broker
The Buyer hereby engages the Broker to act as their exclusive real estate agent for the
purpose of assisting the Buyer in the purchase of a property. The Broker agrees to
provide the Buyer with the following services:
- Conducting property searches.
- Arranging and attending property viewings.
- Negotiating purchase offers.
- Providing guidance throughout the purchase process.
- Facilitating due diligence, contract preparation, and closing.
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2. Compensation Structure
The Buyer agrees to compensate the Broker as follows (choose one or a combination of
the below options):
Option A: Fixed Percentage Commission
The Buyer agrees that the Broker is entitled to a commission equal to [percentage]% of
the final purchase price of the property upon successful closing of the transaction. This
commission will:
- Be paid in full by the Seller through a separate agreement negotiated by the Broker.
- Be included as part of the Seller’s concessions in closing costs and paid to the Broker
by the Buyer at closing.
- Be paid directly by the Buyer at the time of closing.
Option B: Flat Fee Compensation
The Buyer agrees to pay the Broker a flat fee of $[amount] for the services provided
under this Agreement. This flat fee shall be:
- Payable upon the successful closing of a real estate transaction in which the Buyer
purchases a property with the assistance of the Broker.
- Payable at the termination of this Agreement if no property is purchased during its
term.
Option C: Combination Buy and Sell Representation
If the Buyer is also selling a property, the Buyer agrees to engage the Broker for both the
sale of their property and the purchase of a new property. The Buyer agrees to pay:
- A commission equal to [percentage]% of the final sale price of the property sold by the
Buyer, payable upon successful closing.
- A reduced or waived fee for buy-side services as negotiated between the parties.
Commission in the Event of Purchase
In the event Buyer, or any other person or entity acting on Buyer’s behalf, acquires,
exchanges for, or obtains an option on a property (the “Purchased Property”) during the
term of this Agreement or during the Protection Period, as hereinafter defined, Buyer’s
Broker shall be deemed to earn and will receive, at the time of the closing of the
Purchased Property, a commission in the amount of $______________ or __________
(__%) percent of the gross purchase price Buyer paid Seller for the Purchased Property
(the “Commission”). Gross purchase price shall be equal to the total amount Buyer paid
Seller for the Purchased Property including, but not limited to, a garage space, storage
unit, and/or a cabana.
In the event a Seller offers compensation to the Buyer’s Broker, Buyer’s Broker will
disclose to Buyer any compensation offered by the Seller to Buyer’s Broker prior to
preparing any offer on Buyer's behalf. If the Seller’s offer of compensation is equal to or
greater than the Commission listed in this section, no compensation shall be due to
Buyer’s Broker from Buyer.
In the event the commission offered to Buyer’s Broker by the Seller is less than the
percentage of the gross purchase price, Buyer agrees to compensate Buyer’s Broker the
difference between the commission offered by the Seller and Buyer’s Broker’s
commission listed in this Agreement. Commission will be due and payable to Buyer’s
Broker when title or ownership passes to Buyer at the Closing.
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3. Term of Agreement
This Agreement begins on [start date] and ends on [end date]. If no property is
purchased during this term, compensation as outlined in **Section 2** may still apply.
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4. Buyer Obligations
The Buyer agrees to:
- Work exclusively with the Broker during the term of this Agreement.
- Notify the Broker of any properties of interest.
- Provide accurate financial and pre-approval information to ensure a smooth purchase
process.
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5. Legal and Brokerage Compliance
This Agreement complies with all applicable federal, state, and local laws, including
those set forth by the National Association of Realtors (NAR). The Buyer acknowledges
that the Broker is not an expert in legal, tax, or structural property matters and has
advised the Buyer to seek expert assistance in these areas. The Buyer also acknowledges
receipt of the New York State Agency Disclosure Form.
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6. Disclosed Dual Agency
The Broker may act as a disclosed dual agent in certain transactions, representing both
the Buyer and Seller. In such cases, the Broker will:
- Disclose this role to all parties.
- Maintain confidentiality and avoid sharing financial or other sensitive information.
The Buyer consents to the Broker acting as a disclosed dual agent under applicable laws
and acknowledges receipt of a detailed disclosure form.
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7. Arbitration Clause
All disputes arising out of or relating to this Agreement shall be resolved through
arbitration in accordance with the rules of the American Arbitration Association. The
arbitration shall take place in New York, NY, and the decision rendered shall be binding.
Arbitration shall replace the right to civil litigation or a jury trial.
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8. Fair Housing Compliance
The Broker agrees to adhere to all federal, state, and local fair housing laws, ensuring
equal treatment of all parties.
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9. Termination of Agreement
Either party may terminate this Agreement with written notice. In the event of
termination:
- The Buyer remains responsible for compensating the Broker as outlined in **Section
2** for any properties introduced by the Broker during the term of this Agreement that
the Buyer subsequently purchases.
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10. Acknowledgment and Acceptance
By signing below, the Buyer acknowledges having read and understood this Agreement
and agrees to its terms.
Buyer:
Name: __________________________
Signature: _______________________
Date: ___________________________
Broker:
Name: Peter Mancini
Signature: _______________________
Date: ___________________________
Pen Realty
Address: 363 6th Ave, Brooklyn, NY 11215
Phone: 917.916.5126
Email: pmancini@penrealty.net
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