Exclusive Buyer/Tenant Representation Agreement for Maryland REALTORS
This file is an exclusive buyer/tenant residential brokerage agreement for Maryland REALTORS. It includes the terms and conditions, responsibilities of the buyer and broker, and compensation details. The document also addresses fair housing laws, limitations, and flood disclosure notices.
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How do I fill this out?
Ensure all relevant fields are filled out accurately, including buyer and broker information. Follow the instructions for each section to complete the form. Contact your broker for any clarification needed.
How to fill out the Exclusive Buyer/Tenant Representation Agreement for Maryland REALTORS?
1
Enter the buyer's personal information in the designated fields.
2
Provide the broker's details, including contact information.
3
Specify the property acquisition type and term of the agreement.
4
Review and agree to fair housing laws and buyer responsibilities.
5
Sign and date the agreement.
Who needs the Exclusive Buyer/Tenant Representation Agreement for Maryland REALTORS?
1
Buyers looking to purchase residential property in Maryland.
2
Tenants seeking to lease residential property in Maryland.
3
Real estate brokers representing buyer or tenant clients.
4
Real estate agents needing a standardized agreement form.
5
Legal professionals assisting clients with real estate transactions.
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Make necessary changes and update the text.
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Download the updated PDF file.
What are the instructions for submitting this form?
To submit this form, ensure all fields are accurately completed and signed. Submit the form via email to your broker's provided email address, or fax it using the broker's office fax number. You can also submit the form in person at the broker's office address. Ensure to keep a copy of the signed form for your records. For any questions or further assistance, contact your broker directly.
What are the important dates for this form in 2024 and 2025?
Important dates include the start and end dates of the buyer agency term, as well as any extensions related to the settlement.
What is the purpose of this form?
The purpose of this form is to establish a formal agreement between a buyer or tenant and a real estate broker for exclusive representation in acquiring residential property. It outlines the responsibilities and obligations of both parties and ensures compliance with fair housing laws. The form also specifies the broker's compensation and the terms under which the agreement may be terminated or extended.
Tell me about this form and its components and fields line-by-line.
- 1. Buyer Information: Includes buyer's name, mailing address, phone numbers, and email addresses.
- 2. Broker Information: Includes broker's office address, contact numbers, and assigned buyer agent details.
- 3. Buyer Authorization: Authorizes the broker to represent the buyer in the acquisition of real property.
- 4. Fair Housing: Affirms the buyer's compliance with fair housing laws.
- 5. Buyer Responsibilities: Details the buyer's obligations during the term of the agreement.
- 6. Broker Responsibilities: Lists the broker's duties in representing the buyer.
- 7. Broker's Compensation: Specifies the conditions and amount of compensation owed to the broker.
- 8. Disclaimer and Limitations: Sets forth the limitations of the broker's role and the buyer's acknowledgement.
- 9. Flood Disclosure Notice: Alerts the buyer to potential flood risks and insurance requirements for the property.
What happens if I fail to submit this form?
Failure to submit this form may result in the lack of formal representation in real estate transactions. This could lead to potential legal and financial issues.
- No Representation: Without this form, you may not have a broker to represent your interests in property transactions.
- Legal Risks: Not having a formal agreement could expose you to legal risks during property acquisition.
- Financial Implications: Failure to secure representation may result in higher costs or unfavorable terms in property deals.
How do I know when to use this form?
- 1. Buying Property: When purchasing residential property in Maryland.
- 2. Leasing Property: When leasing residential property in Maryland.
- 3. Broker Representation: To establish exclusive representation by a real estate broker.
- 4. Legal Compliance: Ensuring compliance with fair housing laws and other regulations.
- 5. Compensation Agreement: Specifying the compensation terms for the broker.
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