***INFORMATION ABOUT BROKERAGE SERVICES***
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
TYPES OF REAL ESTATE LICENSE HOLDERS:
A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.
A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):
Put the interests of the client above all others, including the broker’s own interests;
Inform the client of any material information about the property or transaction received by the broker;
Answer the client’s questions and present any offer to or counter-offer from the client; and
Treat all parties to a real estate transaction honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:
Must treat all parties to the transaction impartially and fairly;
May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.
Must not, unless specifically authorized in writing to do so by the party, disclose: ᴑ that the owner will accept a price less than the written asking price; ᴑ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ᴑ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:
The broker’s duties and responsibilities to you, and your obligations under the representation agreement.
Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
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***GRT REALTY INTERIM BUYER/TENANT REPRESENTATION AGREEMENT***
(The following is not a TREC Promulgated Form)
1. **Engagement of Agent/Brokerage**: Buyer hereby engages “Agent/Brokerage” to act as Buyer’s exclusive real estate agent for the purpose of assisting Buyer in the purchase/lease of real property located in the State of Texas, including but not limited to Cameron, Hidalgo and Willacy Counties.
2. **Term**: As Indicated in "Term of Agreement" section above in input form. (Can be terminated at any time in writing at no cost to prospective buyer)
3. **Duties of Agent/Brokerage**: Agent/Brokerage commits to diligently seeking appropriate properties for Buyer's evaluation, aligning with Buyer's preferences and criteria. They pledge comprehensive support to Buyer throughout the purchasing process, encompassing property visits, negotiation facilitation, and contract finalization. Agent/Brokerage also undertakes to transparently disclose all pertinent details about properties of interest, to the fullest extent of their knowledge.
4. **Buyer’s Obligations**: Buyer commits to exclusive partnership with Agent/Brokerage for the Agreement's duration, refraining from transactions with other agents/brokers, and promptly updating preferences, criteria, or financial status. Buyer pledges good faith and accurate information provision to Agent/Brokerage.
5. **Compensation**: Real Estate Compensation is not set by law and is fully negotiable. Buyer agrees to pay Broker/Agent compensation as indicated above in input form if they are successful in assisting them with buying or leasing real property. If no buyer agent compensation is offered by the seller, the above amount will be paid by the buyer at closing/lease execution. Buyer’s Agent may not receive an amount higher than the amount indicated above from any source. The full indicated compensation will become effective upon virtual or in-person showing of any selected property and will be due upon successful closing of said property.
6. **Termination**: Either Party may terminate this Agreement at any time upon written notice (email or text) to the other Party at no cost to either party.
7. **Governing Law and Jurisdiction**: This Agreement is subject to the laws of the State of Texas, with any disputes arising from or related to it falling exclusively under the jurisdiction of the Texas courts.
8. **Entire Agreement**: This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral. This document may be superseded by a more comprehensive Buyer/Tenant Representation Agreement provided by Texas Realtors.
9. **Intermediary Status**: A. In the event that Client decides to pursue one of Broker's listings, Client grants authorization for Broker to function as an intermediary. Broker will inform Client of the chosen approach, adhering to one of the subsequent options. (1) Should the property owner be attended by an associate different from the one assisting Client under this agreement, Broker may inform Client that Broker will: (a) designate the current associate aiding the owner to liaise with, execute instructions from, and offer insights and counsel during negotiations to the owner; and (b) designate the associate presently assisting Client to serve the Client for the same purposes. (2) If the property owner is supported by the same associate as the one assisting Client, Broker may inform Client that Broker will: (a) assign another associate to communicate with, carry out instructions from, and provide opinions and advice during negotiations to Client; and (b) assign the associate supporting the owner under the listing to serve the owner for the same purposes.
CONSULT AN ATTORNEY: A Real Estate Broker cannot give legal advice. This is a legally binding agreement. READ IT CAREFULLY. If you do not understand the effect of this agreement, consult your attorney BEFORE signing.
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Please note the form Titled "GRT Realty Interim Buyer/Tenant Representation Agreement" was prepared by Janet Smith (SBN:5555555) of the Janet Smith Law Firm for Grove Realty Team, LLC (d/b/a "GRT Realty"). This document is not a mandatory form required by the Texas Real Esate Commission (TREC), and has not been approved by TREC.
"©" Copyright: Grove Realty Team, LLC - 7280 N Frontage Rd. Olmito, TX 78575
Office Line: (956)254-0869
Designated Broker of Firm Michael Craig Grove - Brownsville.Properties@gmail.com