Exclusive Buyer Agency Contract Form - Kentucky

Exclusive Buyer Agency Contract Form is a legal document that was released by the Kentucky Real Estate Commission - a government authority operating within Kentucky.

FAQ

Q: What is an exclusive buyer agency contract?A: An exclusive buyer agency contract is a legal agreement between a buyer and a real estate agent, stating that the agent will work exclusively for the buyer's best interests in finding a property.

Q: Is an exclusive buyer agency contract mandatory in Kentucky?A: No, an exclusive buyer agency contract is not mandatory in Kentucky. It is optional and depends on the agreement between the buyer and the real estate agent.

Q: What does an exclusive buyer agency contract entail?A: An exclusive buyer agency contract outlines the obligations and responsibilities of both the buyer and the real estate agent. It typically includes the duration of the agreement, the agent's commission, and the buyer's obligations.

Q: Can a buyer terminate an exclusive buyer agency contract?A: Yes, a buyer can terminate an exclusive buyer agency contract, but it usually depends on the terms stated in the contract. Some contracts may have conditions for termination, while others may require the buyer to fulfill certain obligations before terminating.

Q: How does an exclusive buyer agency contract benefit the buyer?A: An exclusive buyer agency contract ensures that the real estate agent is solely working in the buyer's best interests. It provides the buyer with dedicated representation and assistance throughout the home-buying process.

Q: Can a buyer work with multiple real estate agents under an exclusive buyer agency contract?A: No, an exclusive buyer agency contract typically prohibits the buyer from working with other real estate agents. The buyer agrees to work exclusively with the appointed agent.

Q: Is there a fee to enter into an exclusive buyer agency contract?A: The fees associated with an exclusive buyer agency contract vary and are negotiable between the buyer and the real estate agent. It is important to discuss and clarify any fees before signing the contract.

Q: Is an exclusive buyer agency contract legally binding?A: Yes, an exclusive buyer agency contract is legally binding once both parties have signed it. It is important for buyers to carefully review and understand the terms before signing the contract.