Client Representation Agreement
This Agreement is made by and between (“Client”) __[Client Information Outlined Below]___________ and Everly Real Estate, Inc. (“Broker”).
In consideration of services and facilities provided on behalf of Client, the Broker is hereby engaged to represent the Client in the acquisition of an interest in real property. (As used in this Agreement “acquisition of real property” shall, by definition, include any purchase, purchase option, exchange or lease of property or an agreement to do so.)
1. PURPOSE. The Client is retaining the Broker to acquire commercial property for sale or lease.
2. CLIENT’S REPRESENTATIONS. The Client represents that as of the commencement date of this Agreement the Client is not a party to a representation agreement with any other brokerage firm. The Client further represents that the Client has disclosed to the Advisor information about any properties that the Client has previously visited, any available buildings or portions of buildings, or that the Client has been shown by any other real estate Advisor(s) in any area where the Client seeks to acquire property under this Agreement.
The Client does NOT hold an active or inactive Virginia real estate license.
3. TERM. This Agreement commences when signed and, subject to Paragraph 7, terminates at midnight local time 60 days from today’s date.
4. RETAINER FEE. No retainer fee is required.
5. BROKER’S DUTIES. The Broker shall promote the interests of the Client by:
(a) Performing the terms of this Agreement;
(b) Seeking property at a price and terms acceptable to the Client;
(c) Presenting in a timely manner all written offers or counter-offers to and from the Client;
(d) Disclosing to the Client all material facts related to the property or concerning the transaction of which they have actual knowledge;
(e) Accounting for in a timely manner all money and property received in which the Client has or may have an interest. Unless otherwise provided by law or the Client consents in writing to the release of the information, the Broker shall maintain the confidentiality of all personal and financial information and other matters identified as confidential by the Client, if that information is received from the Client during the brokerage relationship.
(f) ) All properties shall be shown and made available to client without regard to race, color, religion, sex, handicap, familial status or national origin as well as all classes protected by the laws of the United States, the Commonwealth of Virginia and applicable local jurisdictions.
Unless otherwise provided by law or the Owner consents in writing herein or elsewhere to the release of the information, the Broker shall maintain the confidentiality of all personal and financial information and other matters identified as confidential by the Owner, if that information is received from the Owner during the brokerage relationship. In satisfying these duties, the Broker shall exercise ordinary care, comply with all applicable laws and regulations, and treat all prospective buyers honestly and not knowingly give them false information;
In satisfying these duties, the Broker shall exercise ordinary care, comply with all applicable laws and regulations, treat all parties honestly and not knowingly give them false information, and shall disclose whether or not the Client’s intent is to occupy the property.
The Broker may show the same property to other Clients, represent other Clients, represent Sellers/Landlords relative to other properties, or provide assistance to a Seller/Landlord or prospective Seller/Landlord by performing ministerial acts that are not inconsistent with the Broker’s duties under this Agreement.
6. CLIENT’S DUTIES. The Client shall:
(a) Work exclusively with the Broker during the term of this Agreement;
(b) Pay the Broker, directly or indirectly, the compensation set forth below;
(c) Comply with the reasonable requests of the Broker to supply any pertinent financial or personal data needed to fulfill the terms of this Agreement;
(d) Be available during the Broker’s regular working hours to view properties.
7. COMPENSATION. In consideration of the time and effort expended by the Broker on behalf of the Client, and in further consideration of the advice and counsel provided to the Client, the Client shall provide for payment of compensation (“Broker’s Fee”) to the Broker in any contract entered into by Client. The Broker’s Fee, less the retainer fee, if any, shall be earned, due and payable under any of these circumstances whether the transaction is consummated through the services of the Broker or otherwise;
(a) If the Client enters into an enforceable contract to lease or purchase real property during the term of this Agreement and occupies space relative to such contract any time thereafter;
(b) If, within 60 days of expiration of this Agreement, the Client enters into a contract to lease or purchase real property that has been described to or shown to the Client by the Broker during the term of this Agreement;
(c) If, having entered into an enforceable contract to lease or purchase real property during the term of this Agreement, the Client defaults under the terms of that contract.
The Broker’s Fee shall be paid by Landlord or Seller in the amount advertised by Landlord’s or Seller’s representative/broker, on behalf of Client, but not less than 3% of the total lease revenue or sale price of a lease or purchase agreement executed by Client. If the Landlord or Seller or the Landlord’s or Seller’s representative offers compensation to the Client’s Broker, then the Client authorizes the Broker to receive such compensation and the amount of such compensation shall be credited against the Client’s obligation to pay the Broker’s Fee. Any obligation incurred under this Agreement on the part of the Client to pay the Broker’s Fee shall survive the term of this Agreement.
8. DISCLOSED REPRESENTATION. The Client acknowledges that in the normal course of business the Broker may represent Sellers/Landlords of properties in which the Client is interested. If the Client elects to acquire an interest in any property listed with the Broker, then the Client will be represented in one of the two ways that are permitted under Virginia law in this situation. The written consent required from the parties in each case will be accomplished via execution of the appropriate disclosure form at the time of the contract offer.
– Dual representation occurs when a Tenant or Purchaser and Landlord or Seller in one transaction are represented by the same Broker and the same Sales Associate. When the parties agree to dual representation, the ability of the Broker and the Sales Associate to represent either party fully and exclusively is limited. The confidentiality of all clients shall be maintained as in paragraph 4 above.
– Designated representation occurs when a Client and Landlord or Seller in one transaction are represented by different Sales Associates affiliated with the same Broker. Each of these Sales Associates, known as a Designated Representative, represents fully the interests of a different client in the same transaction. Designated Representatives are not dual representatives if each represents only the Client or only the Landlord or Seller in a specific real estate transaction. Except for disclosure of confidentiality information to the Broker, each Designated Representative is bound by the confidentiality requirements in paragraph 4 above. The Broker remains a dual representative.
Dual representation: The Client does NOT consent to be shown and to consider leasing or purchasing properties listed with the Broker through the Sales Associate.
Designated representation: The Client does NOT consent to be shown and to consider leasing or purchasing properties listed with the Broker through another Designated Representative associated with the firm.
9. DISCLAIMER. The Client acknowledges that the Broker is being retained solely as a real estate agent and is not an attorney, tax advisor, lender, appraiser, surveyor, structural engineer, home inspector or other professional service provider. The Client is advised to seek professional advice concerning the condition of the property or concerning legal and tax matters.
10. Miscellaneous Provisions:
This Agreement, any exhibits and any addenda signed by the parties constitute the entire agreement between the parties and supersede any other written or oral agreements between the parties. This Agreement can only be modified in writing when signed by both parties. In any action or proceeding involving a dispute between the Client, the Landlord or Seller and/or the Broker, arising out of this Agreement, or to collect the Broker’s Fee, the prevailing party shall be entitled to receive from the other party reasonable attorney’s fees to be determined by the court or arbitrator(s).
The undersigned Client and Broker agree to the terms and conditions set forth above and acknowledge receipt of an executed copy hereof.
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