Buyer Broker Service Agreement - Oklahoma Real Estate Commission
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2OKLAHOMA REAL ESTATE COMMISSION
BUYER BROKER SERVICE AGREEMENT
1.
Purpose of Brokerage. Buyer desires to purchase, lease, option or exchange (collectively “Purchase”) real estate through
the services and resources of the Broker. Broker’s services may include, but not be limited to, consulting with Buyer
regarding particular properties and the availability of financing; formulating acquisition and purchase agreements and
receiving delivery of any offers made by Buyer and accepted by Seller.
If this form is used as part of a lease or rental transaction, the term “Seller” shall be deemed to mean “Landlord” , the term
“Buyer” shall be deemed to mean “Tenant” , the term “gross selling price” shall be deemed to mean “total lease price” and
the term “Purchase Agreement” shall be deemed to mean “Lease Agreement” .
2.
Buyer’s Acknowledgement.
a. Buyer represents that Buyer has not signed a written brokerage agreement currently in force with another Broker.
b. Buyer is not relying on Broker to determine the suitability of any desired property for the Buyer’s purposes or regarding
the environmental or other condition of the desired property. Broker shall not be obligated to discover latent defects in
the desired property or to advise on matters outside of the scope of his/her real estate license. Broker does not make
any representation or warranty with respect to the advisability of, or the legal effect of, any transaction contemplated by
Buyer. Broker shall cooperate fully with any legal counsel of Buyer’s choice. Broker is not an expert in matters relating to
law, tax, financing, surveying, structural condition, hazardous materials, engineering or other highly specialized areas.
Broker hereby advises Buyer to seek professional advice relating to these matters.
3.
Duration of Agreement. This Agreement is entered into this ________day of _________________, 20 ______. This
Agreement shall expire on the _______day of __________________, 20____. This Agreement may be canceled only by
the mutual consent of the parties in writing. Buyer agrees during the term of this Agreement, any and all inquiries and/or
negotiations relating to the acquisition by the Buyer of any desired property shall be through the undersigned Broker.
4.
Compensation of Broker. Broker shall be compensated in the following manner:
(check only those that apply)
a. Buyer shall pay Broker a retainer fee of $________ due and payable upon execution of this Agreement, which
amount shall be applied towards Broker’s compensation upon closing on a transaction in which Buyer acquires
Property. In all other circumstances, the payment shall be considered as a non-refundable retainer fee earned by
the Broker.
b. Buyer shall pay the Broker, at closing, an amount equal to $_________ or _______% of the gross selling/lease
price. Buyer shall receive a credit towards the payment of Broker’s compensation in an amount equal to any
payment made to the Broker by any other Broker or the Seller.
c. By acceptance of the amount of compensation offered by a Listing Broker or the Seller.
d. Other: ____________________________________________
Unless otherwise specified above, the compensation is due and payable upon Closing. The compensation shall apply to
any purchase agreements executed during the term of this Agreement, or during any extension of this Agreement. The
compensation will also apply to purchase agreements executed within ________ days (or 90 days if left blank) after the
expiration or other termination of this Agreement, if the property acquired was presented to Buyer through the services of
Broker. If Seller fails to close with no fault on the part of Buyer, the compensation shall be waived. If the transaction does
not close due to a breach of the Contract of Sale by the Buyer, the compensation shall NOT be waived and shall become
immediately due and payable.
5.
Cost of Services or Products Obtained from Outside Sources. Broker will not obtain or order products or services from
outside sources (e.g., surveys, soil tests, title reports, inspections) without the prior consent of Buyer, unless provided by
the Contract of Sale, Lease, Option or Exchange of Real Estate. Buyer agrees to pay all costs for products or services so
obtained. Broker shall not be obligated to advance funds for Buyer.
6.
Other Buyers. Buyer understands that other buyers may consider, make offers, or purchase through Broker the same or
similar properties as Buyer is seeking to acquire. Within the same company, the Broker and their associated licensees
including the licensee assisting you, often provide brokerage services to more than one buyer at the same time.
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
OREC BUYER BROKER SERVICE AGREEMENT (11-2013)
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