"Agreement to Cooperate With and to Compensate Buyer's Broker - Mainstreet Organization of Realtors" - Illinois

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Mainstreet Organization of REALTORS ®
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“ F O R S A L E B Y O W N E R ” A G R E E M E N T ”
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A G R E E M E N T T O C O O P E R A T E W I T H A N D
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T O C O M P E N S A T E B U Y E R ’ S B R O K E R
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N O T T O B E U S E D W H E N S E L L E R
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I S R E P R E S E N T E D B Y A B R O K E R
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This Agreement is entered into on __________________, 20 ___________, by and between Seller,
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____________________________________________________________
and
Buyer’s
Broker
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________________________________________________ (insert name of Company) regarding the sale of
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real estate (hereinafter referred to as “the Property”) commonly known as _______________________
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___________________________________________________, IL.
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The parties to this Agreement hereby acknowledge that:
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A.
The Buyer’s Broker has established an agency relationship with __________________
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_________________________________________, the Proposed Buyer of the Property;
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B.
_______________________________________________ is a Sales Associate of the Buyer’s
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Broker and is acting in this transaction as the Designated Agent of the Proposed Buyer.
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C.
As the Designated Agent of the Proposed Buyer, the Licensee and the Buyer’s Broker have duties
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established by law to represent the interests of the Proposed Buyer.
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D.
As a result of the agency relationship established with the Proposed Buyer, the Licensee and the
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Buyer’s Broker will not establish an agency relationship with the Seller, without the written consent to all parties
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to the transaction in the form of a specific Dual Agency Agreement.
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In accordance with the above and foregoing Acknowledgements, and for good and valuable
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consideration, the sufficiency of which is hereby acknowledged by the parties to this Agreement, it is agreed as
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follows:
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1.
In the event that the Seller accepts a written offer from the Proposed Buyer to sell the Property
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upon terms and conditions acceptable to Seller and Proposed Buyer, and
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2.
The Proposed Buyer satisfies all conditions precedent in the written offer to purchase the
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Property, then
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3.
Seller agrees to compensate Buyer’s Broker in an amount equal to ____% of the sales price
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contained in the accepted written offer referred to in paragraph 1 above. Such compensation
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should be paid to Buyer’s broker at the time of the closing of the subject transaction.
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4.
This document represents an Agreement to Compensate a Buyer’s Broker and shall not be
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construed as establishing a brokerage agreement, an agency relationship or a fiduciary
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relationship between the Seller and the Buyer’s Broker. It is also acknowledged that this
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document does not establish a Dual Agency Agreement.
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Mainstreet Organization of REALTORS ®
2
“ F O R S A L E B Y O W N E R ” A G R E E M E N T ”
3
4
5
A G R E E M E N T T O C O O P E R A T E W I T H A N D
6
T O C O M P E N S A T E B U Y E R ’ S B R O K E R
7
8
N O T T O B E U S E D W H E N S E L L E R
9
I S R E P R E S E N T E D B Y A B R O K E R
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11
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This Agreement is entered into on __________________, 20 ___________, by and between Seller,
14
____________________________________________________________
and
Buyer’s
Broker
15
________________________________________________ (insert name of Company) regarding the sale of
16
real estate (hereinafter referred to as “the Property”) commonly known as _______________________
17
___________________________________________________, IL.
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The parties to this Agreement hereby acknowledge that:
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A.
The Buyer’s Broker has established an agency relationship with __________________
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_________________________________________, the Proposed Buyer of the Property;
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B.
_______________________________________________ is a Sales Associate of the Buyer’s
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Broker and is acting in this transaction as the Designated Agent of the Proposed Buyer.
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C.
As the Designated Agent of the Proposed Buyer, the Licensee and the Buyer’s Broker have duties
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established by law to represent the interests of the Proposed Buyer.
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D.
As a result of the agency relationship established with the Proposed Buyer, the Licensee and the
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Buyer’s Broker will not establish an agency relationship with the Seller, without the written consent to all parties
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to the transaction in the form of a specific Dual Agency Agreement.
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In accordance with the above and foregoing Acknowledgements, and for good and valuable
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consideration, the sufficiency of which is hereby acknowledged by the parties to this Agreement, it is agreed as
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follows:
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1.
In the event that the Seller accepts a written offer from the Proposed Buyer to sell the Property
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upon terms and conditions acceptable to Seller and Proposed Buyer, and
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2.
The Proposed Buyer satisfies all conditions precedent in the written offer to purchase the
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Property, then
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3.
Seller agrees to compensate Buyer’s Broker in an amount equal to ____% of the sales price
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contained in the accepted written offer referred to in paragraph 1 above. Such compensation
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should be paid to Buyer’s broker at the time of the closing of the subject transaction.
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4.
This document represents an Agreement to Compensate a Buyer’s Broker and shall not be
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construed as establishing a brokerage agreement, an agency relationship or a fiduciary
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relationship between the Seller and the Buyer’s Broker. It is also acknowledged that this
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document does not establish a Dual Agency Agreement.
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5.
Notwithstanding anything in paragraph 4 to the contrary, the Proposed Buyer and Seller may
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designate the Buyer’s Broker as an Escrowee for the purpose of holding earnest money in
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accordance with the terms of their accepted written offer.
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6.
The term of this Agreement is for __________________________ days from and after the
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date of execution hereof (hereinafter the “Marketing Period”). If the Property is sold,
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conveyed or exchanged in any transaction wherein the Proposed Buyer or Proposed Buyer’s
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Designee acquires the Property during the time of the Marketing Period, or if the Proposed
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Buyer or Proposed Buyer’s Designee acquires the Property from any person who was granted
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an option to acquire the Property during the time of the marketing period, or if the Proposed
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Buyer or Proposed Buyer’s Designee leases the Property during the time of the Marketing
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Period and subsequently acquires the Property, or if the Property is acquired by the Proposed
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Buyer or the Proposed Buyer’s Designee directly or indirectly within ______ days after
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termination of the Marketing Period, Seller agrees to compensate Buyer’s Broker as provide in
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paragraph 3 above.
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For information purposes, the Licensee acting as Proposed Buyer’s Designated Agent is: _____________
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_____________________________________________________________________________________
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SELLER HEREBY ACKNOWLEDGES THAT SELLER IS NOT
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REPRESENTED BY A BROKER IN THIS TRANSACTION.
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SELLER IS CAUTIONED THAT THIS DOCUMENT WILL BECOME A LEGALLY BINDING
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DOCUMENT WHEN SIGNED BY ALL PARTIES AND DELIVERED, AND THEREFORE THE
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SELLER MAY WISH TO SEEK LEGAL ADVICE PRIOR TO SIGNING IT.
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Accepted on the date above written
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BUYER’S BROKER:
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By: __________________________________
__________________________________
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MANAGING BROKER
SELLER
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__________________________________
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SELLER
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Approved March, 2005
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Charge Code _____
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