Updated April 23, 2024
A Kentucky buyer agency agreement is a legal document used to convey the terms and conditions of a temporary business relationship between a real estate agent and an individual intent on purchasing real estate (“buyer”). The contract will include the services to be provided by the agent, the rights and responsibilities of both parties, and the type of compensation to be provided to the agent. The terms of this agreement are negotiable and should be looked over by both parties before the document is signed.
Disclosures
Consumer Guide to Agency Relationships – Before representing a client in a real estate transaction, agents must provide one (1) of the following agency relationship forms for the client to look over and sign:[1]
- Consumer Guide To Agency Relationships (For Companies That Allow Only Dual Agency Model Policy)
- Consumer Guide To Agency Relationships (For Companies That Allow Designated Agency & Dual Agency Model Policy)
Agency Disclosure Statement – If an offer is presented to a party (from buyer to seller or seller to buyer), the receiving party’s agent must provide the appropriate disclosure statement to advise their client of their role in the proposed transaction.[2]
Dual Agency – If an agent is representing both buyer and seller in a real estate transaction, Section III of the Agency Disclosure Statement (either “Seller” or “Buyer” form provided above, depending on who made the offer) must be completed by the agent and the form must be signed by the involved parties.[3]
Realtor Version
Kentucky Real Estate Commission – PDF