1. The term of the agreement and the duties and responsibilities of the buyers' agent.
2. The fee buyers will pay their rep if they purchase a home during the term of the agreement, and whether the fee will be offset by any amounts paid to their rep by the seller or listing agent. The agreement should also disclose instances in which a seller or listing broker won't compensate a buyers' agent.
You may also want to include a retainer or hourly fee compensation clause in the buyer's agreement that states the buyer agent will be paid a fee or commission whether or not a customer purchases a home.
3. The circumstances under which buyers aren't obligated to pay a commission. With an exclusive right of representation agreement, buyers would owe a commission on any property purchased during the time the contract is in force. Under an exclusive agency agreement, buyers have the flexibility to purchase properties they identify on their own but will still owe a commission if a purchased property is identified with the assistance of their agent. New construction and FSBO are the types of property that buyers are most likely to find themselves.
4. Procedures that will be followed if the agent shows the same property to more than one buyer or writes more than one contract on the same property. One option is to withdraw from representing one of the buyers. Another choice is to disclose the situation to both parties and obtain their written consent. This will create a dual agency relationship, however.
5. Disclosure of any relationship to the seller or other instances that might create a dual agency relationship.