|Definitions of working relationship: Buyer’s Agent
A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer.
Below is the agreement and mutual understanding made between the buyer’s agent and the buyer which sets forth the duties and obligations of the buyer’s agent and the buyer.
A. Buyer_____________________________________________________ with passport number ________________________________________________________ and any other person or entity on whose behalf the named party acts, directly or indirectly, to purchase a Property.
B. Brokerage firm: ___1st Choice Realty & Investment Group_
C. Buyer’s agent: _____________________________________________________ independent contractor for 1st Choice Realty.
D. Property: Real estate in which the Buyer has taken an interest in.
Buyer’s Agent services and duties:
A. Buyer’s agent shall promote the interests of Buyer with the utmost good faith, loyalty, and fidelity, including but not limited to:
1.) Researching properties that are of interest to the Buyer and contacting the owner or listing agent to obtain access to the property and relevant information regarding the property such as the registered survey map (plano catastrado), and property title number (folio real).
2.) Researching properties that are of interest to the buyer and informing the buyer of apparent risks or precautions regarding the history of the property, available infrastructure, building permits, and the like.
3.) Advising the Buyer as to whether or not a certain property will be suitable for the goals and plans that the Buyer desires to achieve in their investment.
4.) Seeking an agreeable price for the Property and financing terms that are acceptable to Buyer.
5.) Presenting all offers to and from buyer in a timely manner regardless of whether Buyer is already a party to a contract to purchase the property.
6.) Disclosing to Buyer adverse material facts actually known by Buyer’s Agent.
7.) Counseling Buyer as to any material benefits or risks of the transaction that are actually known by Buyer’s agent.
8.) Advising Buyer to obtain expert advice for issues which are beyond the expertise of the Buyer’s Agent such as engineers, architects, contractors, such as lawyers.
9.) Accounting in a timely manner for all money and property received in the event of sale or exchange of property.
B. Buyer’s Agent shall not disclose the following information without the informed consent of Buyer:
1.) That the Buyer is willing to pay more than the price offered for the Property.
2.) What Buyer’s motivating factors are in purchasing the Property.
3.) That Buyer will agree to financing terms other than those offered.
4.) Any material information about Buyer unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing.
C. Buyer shall not be liable for the acts of the Buyer’s Agent that are not approved, directed or ratified by Buyer.
D. Buyer consents to the Buyer’s Agent’s disclosure of Buyer’s confidential information to lawyers and financial institutions affiliated with the purchase of a property for the purpose of proper supervision, provided that such information will not be further disclosed without the consent of the Buyer.
E. When the seller and Buyer in a transaction are working with different brokers, those brokers continue to conduct themselves consistent with the brokerage relationships they have already established.
F. Buyer’s Agent shall represent Buyer as his / her agent and shall treat the seller as a customer. A customer is a party to a transaction with whom the Buyer’s Agent has no obligations or unknown negotiations. Buyer’s Agent shall disclose to such customer Buyer’s Agents relationship with buyer.
Buyer’s obligations to Buyer’s Agent:
A. Buyer agrees to conduct all negotiations for the purchase of any property only through Buyer’s Agent, and to refer to Buyer’s Agent all communications received in any form from real estate brokers, prospective sellers, or any other source regarding real estate in the area.
B. Buyer affirms that the Buyer IS NOT currently a party to any agreement with any other Real Estate Brokerage or buyer’s agent or representative to represent or assist Buyer in the location or purchase of any property in the area.
C. Buyer agrees to use the professional services of the Buyer’s Agent, to research any property that interests the Buyer.
Compensation to Buyer’s Agent and Brokerage Firm:
A. Buyer’s agent will receive the same pre-approved commission that the seller offers to any other buyer’s agent who brings a buyer.
B. Other payment agreements must be agreed upon in a separate written and signed contract between all parties involved.
Financial Obligations of the Buyer:
A. The legal fees regarding the transfer of a deed, and closing costs, in the event of an actual purchase of a property (many times these costs are shared between the seller and the buyer).
B. The earnest money deposit required to reserve a property until final purchase.
C. Any payments involved in the purchasing of a certain property.
ARBITRATION. Any dispute, controversy or differences that may arise between the parties now signing this agreement, shall be settled by Arbitration and Mediation Center of the Costa Rican Chamber of Commerce to whose ruling the parties are submitted unconditionally.
In witness whereof, both parties do seal this agreement with their signatures
Buyer Date Buyer’s Agent Date