Buyer Broker Service Agreement

BUYER BROKER SERVICE AGREEMENT (7-2024) This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.

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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 properties and the availability of nancing; formulating acquisition and

purchase agreements, assisting in the communication and negotiation of contracts, and receiving delivery of

any oers made by Buyer and accepted by Seller.

If this form is used as part of a lease or rental transaction, the term “Seller” shall mean “Landlord”, the

term “Buyer” shall mean “Tenant”, the term “gross selling price” shall mean “total lease price” and the term

“Purchase Agreement” shall mean “Lease Agreement”.

2. Entering Agreement. Broker and Buyer both acknowledge that a written Agreement must be signed and

entered into before Broker may begin showing properties to Buyer.

3. Buyer Representation. Buyer has not signed a written Brokerage Agreement currently in force with another

Broker.

4. Buyer Adavit. Buyer acknowledges that Oklahoma law requires Buyer to sign an Adavit before closing

on a property attesting that Buyer is either a United States Citizen, Native American, or a Non-Citizen / Alien

who is or shall become a bona de resident of Oklahoma in compliance with 60 O.S. § 121.

5. Duration of Agreement. This Agreement is entered into this ________day of _________________, 20

______. This Agreement shall expire on the _______day of __________________, 20______ (60 days if left

blank). 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.

6. Termination of Agreement. This Agreement may be canceled by either Party by providing at least three (3)

business days’ notice in writing unless Buyer is under contract to purchase the Property. Buyer’s Termination

of Agreement does not relieve Buyer of the obligation to compensate Broker for purchase agreements

executed within ______ days (60 if left blank) after Termination, if the property acquired was presented to

Buyer through brokerage services of Broker.

7. Compensation of Broker. Buyer acknowledges the Compensation in this Agreement is fully negotiable

and not set by law. The compensation section of this Agreement must be completed before it can be

signed by the Buyer. This Agreement is not enforceable if this section is left blank.

The Compensation for Buyer’s Broker (the “Compensation”) shall be: (check only those that apply)

■ a. Buyer shall pay the Broker, at closing, an amount equal to $_________ or _______% of the nal gross

selling/lease price. Buyer shall receive a credit towards the payment of the Compensation in an amount

equal to any payment made to the Broker by any other Broker or the Seller.

■ b. Buyer shall pay Broker a retainer fee of $________ ($0 if left blank) due and payable upon execution of

this Agreement, which amount shall be applied towards the 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.

■ c. Other: ____________________________________________

Unless otherwise specied 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 any extension of

this Agreement. The Compensation also applies to purchase agreements executed within _____ days (60

if left blank) after the expiration or termination of this Agreement, if the property acquired was presented

to Buyer through brokerage services of the Broker.

Buyer’s Initials Buyer’s Initials

OKLAHOMA REAL ESTATE COMMISSION

THIS IS A LEGALLY BINDING CONTRACT; IF NOT UNDERSTOOD, SEEK ADVICE FROM AN ATTORNEY.

BUYER BROKER SERVICE AGREEMENT

BUYER BROKER SERVICE AGREEMENT (7-2024) This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.

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8. Failure to Close. 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 Contract of Sale by the Buyer, the Compensation shall

NOT be waived and shall become immediately due and payable.

9. Compensation to Broker by Seller. The Listing Broker or Seller is not required to make an oer of

compensation to Buyer’s Broker.

a. Seller’s Oer Equal to Compensation. If the amount of compensation oered by the Seller is equal

to the Compensation listed in Paragraph 7, the Buyer shall not be obligated to separately pay the

Compensation listed in Paragraph 7.

b. Seller’s Oer Greater than Compensation. Compensation to Buyer’s Broker must not exceed the

compensation agreed to between Buyer and Broker in Paragraph 7 of this Agreement. If Seller’s Oer is

greater than the Compensation listed in Paragraph 7, Buyer shall not be obligated to separately pay the

Compensation listed in Paragraph 7. The amount of compensation oered by Listing Broker or Seller that

is greater than the Compensation listed in Paragraph 7 may be addressed by further written agreement

and may include one of the following:

i. Credit to Buyer (to the extent allowed by Buyer’s lender and applicable State and Federal Law) and any

non-allowed amount is credited back to the Seller; or

ii. Credit to the Seller; or

iii. Another option negotiated and agreed to in writing by the parties.

Any option selected must be agreed to in writing by the parties.

c. Seller’s Oer Less than Compensation. If Seller’s Oer is less than the Compensation listed in

Paragraph 7 the Buyer shall pay the remaining balance of the Compensation listed in Paragraph 7,

unless otherwise agreed to in writing by the parties.

10. 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.

11. Other Buyers. Buyer understands that other buyers may consider, make oers, 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.

12. Equal Opportunity. Properties shall be shown and be made available to Buyer without regard to age, race,

color, religion, sex, handicap, familial status, national origin or as may be provided by local, state, or federal

laws or regulations.

13. Counterparts. If more than one person is named as Buyer herein, separate conforming Agreements may be

executed by each Buyer individually, and when so executed, the copies taken together shall be deemed to

be a full and complete agreement between the Parties.

14. Copy of Agreement. Buyer acknowledges receipt of a copy of this Agreement and a copy of the Disclosure

to Buyer of Brokerage Duties, Responsibilities, and Services. Broker has oered and made available to

Buyer a copy of the Oklahoma Contract Guide available at www.orec.ok.gov

Buyer’s Initials Buyer’s Initials

BUYER BROKER SERVICE AGREEMENT (7-2024) This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.

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Buyer’s Initials Buyer’s Initials

15. Additional Provisions.

Executed by Buyer this ____ day of ____________________________, 20___________.

Buyer Name (Print) Buyer’s Signature

Buyer’s Email Address Buyer’s Physical Address

Buyer’s Telephone (Cell) Buyer’s Telephone (Work)

Buyer Name (Print) Buyer’s Signature

Buyer’s Email Address Buyer’s Physical Address

Buyer’s Telephone (Cell) Buyer’s Telephone (Work)

Executed by Broker this ____ day of __________________________________, 20_______.

Buyer Broker / Associate Signature

Buyer Broker / Associate Name Buyer Broker License Number

Buyer Broker / Associate Cellphone Buyer Broker / Associate Email Address

Brokerage Name Name of Managing Broker

Brokerage License Number Managing Broker Oce Telephone

Brokerage Oce Address Managing Broker Email Address

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OKLAHOMA REAL ESTATE COMMISSION

DISCLOSURE TO BUYER OF BROKERAGE DUTIES,

RESPONSIBILITIES AND SERVICES

This notice may be part of or attached to any of the following:

■ Buyer Brokerage Agreement

■ Contract of Sale of Real Estate

■ Exchange Agreement

■ Option Agreement ■ Other

1. Duties and Responsibilities. A Broker who provides Brokerage Services to one or both parties shall describe and disclose in writing

the Broker’s duties and responsibilities prior to the party or parties signing a contract to sell, purchase, option, or exchange real estate.

A Broker shall have the following duties and responsibilities which are mandatory and may not be abrogated or waived by a Broker,

whether working with one party, or working with both parties:

a. treat all parties to the transaction with honesty and exercise reasonable skill and care;

b. unless specically waived in writing by a party to the transaction:

1. receive all written oer and counteroers;

2. reduce oers or counteroers to a written form upon request of any party to a transaction; and

3. present timely all written oers and counteroers.

c. inform, in writing, the party for whom the Broker is providing Brokerage Services when an oer is made that the party will be

expected to pay certain closing costs, Brokerage Service costs and the approximate amount of the costs;

d. keep the party for whom the Broker is providing Brokerage Services informed regarding the transaction;

e. timely account for all money and property received by the Broker;

f. keep condential information received from a party or prospective party condential. The condential information shall not be

disclosed by a Broker without the consent of the party disclosing the information unless consent to the disclosure is granted in

writing by the party or prospective party disclosing the information, the disclosure is required by law, or the information is made

public or becomes public as the result of actions from a source other than the Broker. The following information shall be considered

condential and shall be the only information considered condential in a transaction:

1. that a party or prospective party is willing to pay more or accept less than what is being oered,

2. that a party or prospective party is willing to agree to nancing terms that are dierent from those oered,

3. the motivating factors of the party or prospective party purchasing, selling, optioning or exchanging the property, and

4. information specically designated as condential by a party unless such information is public.

g. disclose information pertaining to the Property as required by Residential Property Condition Disclosure Act;

h. comply with all requirements of the Oklahoma Real Estate Code and all applicable statutes and rules;

i. when working with one party or both parties to a transaction, the duties and responsibilities set forth in this section shall remain in

place for both parties.

2. Brokerage Services provided to both parties to the transaction. The Oklahoma broker relationships law (Title 59, Oklahoma

Statutes, Section 858-351 – 858-363) allows a real estate Firm to provide Brokerage Services to both parties to the transaction. This

could occur when a Firm has contracted with a Seller to sell their property and a prospective Buyer contacts that same Firm to see the

property. If the prospective Buyer wants to make an oer on the property, the Firm must now provide a written notice to both the Buyer

and Seller that the Firm is now providing Brokerage Services to both parties to the transaction. The law states that there are mandatory

duties and responsibilities that must be performed by the broker for each party.

3. Broker providing fewer services. If a Broker intends to provide fewer Brokerage Services than those required to complete a

transaction, the Broker shall provide written disclosure to the party for whom the Broker is providing services. The disclosure shall include

a description of those steps in the transaction that the Broker will not provide and state that the Broker assisting the other party in the

transaction is not required to provide assistance with these steps in any manner.

4. Conrmation of disclosure of duties and responsibilities. The duties and responsibilities disclosed by the Broker shall be conrmed

in writing by each party in a separate provision, incorporated in or attached to the contract to purchase, option or exchange real estate.

I understand and acknowledge that I have received this notice on _________ day of _____________________ , 20_____.

Buyer’s Printed Name

Buyer’s Signature

DISCLOSURE TO BUYER OF BROKER DUTIES (7-2024) This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.