THIS AGREEMENT is made and entered into this _______ day of
__________________, 19 ______, by and between
, (hereinafter referred to as the "Buyer"), and ____________________________________________________________, (hereinafter referred to as the "Broker").
WITNESSETH:
WHEREAS, the Buyer desires to employ the Broker to locate
and negotiate the purchase of certain real and personal property on behalf of the Buyer; and
WHEREAS, the Broker desires to accept such employment and to use his best efforts to find a suitable property for the Buyer;
NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the Buyer and the Broker agree as follows:
l. The Broker is duly licensed as a real estate broker in the
State of ________________________ and maintains an office, properly equipped and staffed by employees suitable to render the services contracted for herein.
2. The Buyer desires to purchase a property situated in the
County of __________________, State of ____________________, according to the needs, desires and intended use of the Buyer, as are more particularly set out in Exhibit "A", attached hereto and made a part hereof by reference, (herein after referred to as the "Property"), and the Buyer represents and warrants that he has the financial ability
to purchase such a Property, at the price and upon the
terms and conditions as are set out in Exhibit "B", attached hereto and made a part hereof by reference.
3. In consideration of the Agreement of the Broker to use his
best efforts to find a suitable Property for the Buyer, and the further Agreement of the Broker to advertise the desires of the Buyer, the Buyer hereby gives the Broker the right to locate and negotiate the purchase of a suitable Property at the price and upon the terms as are set out in the attached Exhibit "B", or at any different price and upon such different terms as may be hereafter accepted by the Buyer.
4. The term of this Agreement shall be ________________________
(______) months, beginning on the date of execution hereof
by both parties, and ending on the _________________ day of ___________________, 19 _____, unless extended by the parties or sooner terminated as set out hereinafter.
5. The Broker agrees to inspect any Property located pursuant
hereto and obtain complete information with reference thereto prior to presenting the Property to the Buyer for the Buyer's consideration.
6. The Buyer agrees that he will not, during the term of this
Agreement, or any extension hereof, purchase any Property, without providing the Broker with full details of any such action in writing.
7. The Buyer agrees to pay to the Broker, at the time of
closing, a commission of ____________ (_______%) percent of the purchase price for the Property, in the event of a purchase during the term of this Agreement, providing said purchase is effected by the Broker, or in the event that within sixty (60) days after the termination of this Agreement, the Buyer agrees to purchase a Property which was submitted by the Broker to the Buyer, during the term of this Agreement. The Buyer hereby grants the Broker permission to represent and receive commissions from both the Buyer, as provided herein, and the Seller of the Property.
8. In the event that the Buyer locates a Property solely
through his own efforts, it is expressly understood and agreed that the Buyer retains the right to enter into a contract for the sale and purchase of the Property with the owner of any such property, and to close a sale pursuant thereto, without any liability to the Broker for a commission in any amount; however, at the time of closing, the Buyer agrees to reimburse the Broker for any and all documented, reasonable out of pocket expenses incurred by the Broker during the term of this Agreement. Within twenty four (24) hours of initial contact with any such prospective seller, the Buyer agrees to provide the Broker with the property description, and the name, address and telephone number of the owner of the Property, and the exact circumstances under which the Buyer obtained knowledge of the Property.
9. This Agreement may be terminated by either party, prior to
a contract for sale and purchase being executed, upon written notice to the other party. In the event this Agreement is terminated by the Buyer, the Buyer agrees to reimburse the Broker for any and all documented, reasonable out of pocket expenses incurred by the Broker prior to termination hereof. The Buyer understands and agrees that in the event a Property is purchased during the period following cancellation to the original expiration date of this Agreement, from any person, which purchase was effected through the efforts of the Broker, then the cancellation shall be considered void and the Buyer will be obligated to pay the Broker the agreed upon commission as set out herein.
10. The Broker, any cooperating broker, or any authorized escrow agent, is hereby authorized to accept and hold, any and all money paid by the Buyer as a deposit or binder in regard to any Property located pursuant hereto, in accordance with
the laws of the State of _______________, and it is
expressly understood and agreed that, in the event of a forfeiture by a prospective seller, all such sums shall be immediately returned to the Buyer in full.
11. It is expressly understood that this Agreement in no way guarantees the location or subsequent purchase of a Property on behalf of the Buyer; however, the Broker does guarantee that it will use its continued best efforts to locate and negotiate such a purchase on behalf of the Buyer, during
the term of this Agreement.
12. The Broker (may) (may not) use the name of the Buyer in connection with locating and negotiating a purchase pursuant hereto.
13. In the event that any one or more of the provisions of this Agreement shall for any reason be held to be invalid, such
invalidity shall not affect any other provision of this
Agreement.
14. This Agreement contains the entire agreement of the parties and no oral statements or prior agreements shall have any force and effect. This Agreement shall not be modified except by a writing executed by both parties hereto.
15. This agreement, and all transactions contemplated hereby, shall be governed by, construed and enforced in accordance with the laws of the State of ______________________. The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in ______________ County, State of ______________. In the event that litigation results from or arises out of this Agreement or the performance thereof, the parties agree to reimburse the prevailing party's reasonable attorney's fees, court costs, and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing party may be entitled. In such event, no action shall be entertained by said court or any court of competent jurisdiction if filed more than one year subsequent to the
date the cause(s) of action actually accrued regardless of whether damages were otherwise as of said time calculable.
16. The covenants and agreements contained herein are binding upon the parties hereto and their respective heirs, successors, legal representatives and assigns, as the case may be.
17. It is expressly agreed that this Agreement will not be recorded in any form in the public records of any county.
IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals the day and year first above set out.
Signed, sealed and delivered in the presence of:
"BUYER"
______________________________ ______________________________ Witness
______________________________ ______________________________ Witness
"BROKER"
______________________________ ______________________________ Witness
______________________________ By: __________________________ Witness its:
EXHIBIT "A"
Property Description
Description of Desired Real Property, Improvements, and Use:
Description of Personal Property Desired To be Included
EXHIBIT "B"
Price and Terms Acceptable to Buyer
1. The Buyer will accept a property with a gross sales price
which does not exceed the amount of $____________________, or as may be hereinafter accepted by the Buyer.
2. The Buyer (is willing) (is not willing) to obtain new
financing for the purchase of a property.
3. Additional terms of purchase, if any, required by the Buyer: