TXR 1501 — Residential Buyer/Tenant Representation Agreement - Long Form

Identifies the parties to the agreement: the Client (buyer or tenant) and the Broker, including their contact information.

Establishes the exclusive agency relationship. The client grants the broker the exclusive right to act as their real estate agent for acquiring property in the defined market area.

Defines key terms used throughout the agreement: Acquire, Closing, Market Area, Property, and Related Party. The Market Area is a critical fillable field that limits the geographic scope of the agreement.

Establishes the time period during which the agreement is in effect. The agreement has a specific start date and automatically expires at 11:59 p.m. on the end date.

Outlines the broker's three core obligations: use best efforts to help the client acquire property, assist in negotiations, and comply with the agreement terms.

Establishes the client's three obligations: work exclusively through the broker, inform other parties of the exclusive relationship and refer them to the broker, and comply with the agreement.

Comprehensive compensation section covering the broker's fee structure (percentage or flat fee for purchases and leases), optional retainer, source of compensation (seller first, then client makes up the difference), when compensation is earned vs. payable, intermediary transaction credits, additional compensation for construction and service provider referrals, protection period after agreement ends, escrow authorization, and county where payments are due.

Contains representations from both parties about legal authority, the client's confirmation that no other buyer rep agreement exists for the same market area, truthfulness of information provided, disclosure of relocation benefits, and limitations on broker's authority.

Addresses intermediary status when the broker represents both the buyer and the seller/landlord in the same transaction. The client must choose either Option A (allowing intermediary status so the client can see and acquire the broker's own listings) or Option B (refusing intermediary status, meaning the client cannot be shown or acquire the broker's listings). Includes required disclosure about limitations on information sharing in intermediary situations.

Discloses that the broker may represent other buyers/tenants competing for the same properties, and the client consents to this potential conflict.

Protects confidential information in both directions: broker cannot disclose client's confidential information, and broker cannot disclose other clients' confidential information to this client. Also notes that sellers/listing agents are generally not required to keep offers confidential.

Requires the parties to first negotiate in good faith, then mediate any disputes before pursuing arbitration or litigation. Mediation costs are split equally.

Defines default as failure to comply with the agreement or making a false representation. If the client defaults, the broker can terminate and collect the full compensation amount. Both parties retain all legal and equitable remedies.

Awards attorney's fees and costs to the prevailing party in any legal dispute arising from this agreement or related transactions.

Limits broker liability to damages directly caused by the broker or associates. Client agrees to hold broker harmless from injuries and losses not directly caused by broker, and to indemnify broker against claims arising from client's actions.

Checklist of addenda and related documents that are part of the agreement. Includes standard disclosure documents and a blank line for additional attachments.

Open section for additional terms, conditions, or provisions not covered elsewhere in the agreement.

Contains seven important notices covering fair housing, broker limitations, title examination, service contracts, property monitoring/recording, wire fraud prevention, and Texas Property Code restrictions on foreign purchases.

Signature block for the broker (or broker's associate) and up to two clients. Includes a prominent notice to consult an attorney before signing.