This Services and Conflict Disclosure describes the services Buyers Brokers Only, LLC (BBOLLC) will provide, what is generally expected of a Buyer during the property search, and identifies and explains any potential conflicts.
1. Services Provided. Buyers Brokers Only, LLC (BBOLLC) agrees to use reasonable efforts to locate real estate acceptable to Buyer, to identify and discuss positive and negative qualities of real estate properties, to provide a market and pricing analysis when requested for identified properties of interest that Buyer is qualified to purchase, to assist Buyer in negotiating the best possible terms and conditions of a real estate transaction acceptable to Buyer, to prepare and negotiate offers/contract forms, to arrange inspections if requested by the Buyer, to facilitate Buyer in obtaining homeowners' insurance and securing mortgage financing, to refer related professionals (lender, attorney, home inspector, insurance agent, etc.), to give advice concerning real estate practices and procedures, to schedule a walkthrough prior to closing, and to coordinate all necessary and typical activities throughout the home-buying process.
BBOLLC is not a home inspector, mortgage broker, loan officer, lender, appraiser, insurance agent, environmental engineer or expert, title agent, or surveyor and will not provide legal advice or legal representation. BBOLLC has no duty to disclose unknown matters or conditions of the property being considered for purchase or present conditions and anticipated changes in the neighborhood, city, town, or state where the property is located.
BBOLLC recommends that the Buyer hire a real estate attorney and other professionals as the Buyer deems appropriate. Buyer shall personally investigate particular matters that may be of importance, including, but not limited to, neighborhood composition, the level of crime, and the presence of sex offenders. BBOLLC's Services include maintaining the fiduciary duties of (i) Obedience - obeying Buyer's lawful instructions; (ii) Loyalty - keeping Buyer's best interests above and beyond all others, including their own; (iii) Disclosure - disclosing all known materials facts and relevant circumstances to Buyer; (iv) Confidentiality - keeping all non-public information learned about Buyer confidential forever; (v) Accounting - accounting for all documents/funds provided to BBOLLC; and (vi) Reasonable Care - using their skills, training and expertise to professionally guide and assist Buyer through the process of purchasing real estate.
2. Buyer's Communications. Buyer understands that BBOLLC cannot work as his/her buyer agent if Buyer is working with another real estate agent in the same area without prior agreement. Buyer will disclose if (s)he is subject to any current agency agreement with any other agent/broker, or to any protection period with another real estate agency. Buyer understands that providing his/her pre-approval or pre-qualification (or a written proof of funds if Buyer is using cash at purchase) to BBOLLC as soon possible is necessary to facilitate effective representation. Buyer should refer all potentially acceptable real estate to BBOLLC, and should notify all other real estate agents who communicate with Buyer of BBOLLC’s exclusive agency relationship with Buyer. Buyer should advise BBOLLC of any interest in property that Buyer had while previously working with a different real estate agent, notify BBOLLC in advance (whenever possible) of an open house that Buyer plans on attending, and agrees it is in Buyer’s best interests to conduct all real estate inquires, communications and negotiations with the knowledge and assistance of BBOLLC.
Buyer understands that BBOLLC’s efforts working for Buyer does not relieve Buyer of his/her due diligence for Buyer’s own protection, including personally investigating any information of personal importance to Buyer (e.g. zoning for a particular use, exact square footage, open building permits).
3. Potential Conflicts. BBOLLC is an exclusive buyer agency (EBA) real estate firm, which means that BBOLLC's real estate agents do not list properties or represent sellers of real estate. BBOLLC does its best to eliminate any potential conflict so that it can be 100% loyal to its clients 100% of the time. Though rare, some potential conflicts can arise, including (a) if the Buyer is interested in a property that the Broker or anyone at Buyers Brokers Only, LLC has an actual or potential ownership interest; (b) if the Seller is related to, or is a close friend or former/existing client of BBOLLC; or (c) simultaneously representing multiple Buyer-clients negotiating on the same property [see §4, below]. BBOLLC will disclose this conflict in writing to the Buyer whenever there is an actual or potential conflict.
4. Multiple Buyer Situations. Buyer understands that BBOLLC may represent other buyers interested in purchasing the same or similar property. Buyer consents to such representation. In addition, the Buyer understands that BBOLLC has an obligation not to disclose any confidential information about any other buyer client of BBOLLC, whether that client is a competing buyer or otherwise. It is a conflict of interest whenever Buyers Brokers Only, LLC has multiple Buyer-clients submitting an offer on the same property simultaneously. When BBOLLC has multiple Buyer-clients simultaneously negotiating on the same property, BBOLLC will disclose this to all Buyer-clients, provide a detailed Multiple Buyer Representation Conflict Disclosure form, and give Buyer the following options on how to proceed: (a) acknowledge and consent to the conflicted representation; (b) suspend representation until the conflict resolves itself; or (c) BBOLLC will refer Buyer to separate buyer agency representation [another exclusive buyer agent if at all possible] to assist Buyer with the offer/negotiation on that property.
5. Fair Housing. The parties understand that each will comply with the Fair Housing Laws of the United States and the state(s) in which BUYER is looking to purchase. Neither will participate in discriminatory practices and will not ask or answer discriminatory questions or otherwise consider relevant anything relating to race, creed, color, sex, age, marital status, national origin, familial status, handicap, military or veteran status, sexual orientation, government assistance or any other class or characteristic deemed protected by current federal/state Fair Housing laws.