Exclusive Buyer Representation Agreement — Minnesota Edition Template

Since the 2024 NAR settlement took effect, a written buyer representation agreement is no longer optional for most agents — MLS participants must have a written agreement with a buyer before touring a home, and that agreement must state the compensation the buyer's broker will receive, in an amount that is objectively ascertainable and not open-ended. This template is built for that new reality.

The Exclusive Buyer Representation Agreement establishes the brokerage as the buyer's exclusive agent for a defined term and geographic area, sets out the broker's fiduciary duties (loyalty, confidentiality, disclosure, obedience to lawful instruction, reasonable care, and accounting), and — most importantly — fixes the broker's compensation in writing: a flat fee, a percentage, or an hourly structure, with clear language on how seller-paid or listing-broker-paid amounts offset the buyer's obligation. It includes a protection period for properties introduced during the term, a retainer provision, dual agency/designated agency consent language, and clean termination mechanics.

This 5-page template includes the compensation disclosure language required under the settlement framework, plus a 50-state variation notes section covering states where buyer agency agreements have statutory content requirements (several states mandate specific disclosures, type-size requirements, or prohibit certain term lengths). Buyer agency itself is a creature of state agency and license law, so the notes flag where state forms or specific statutory language are mandatory. As with all templates in this library, it is a drafting starting point to review with your broker or attorney — not a guaranteed state-compliant form.

About this Minnesota Edition: These twelve templates are drafted around Minnesota's real estate license law, Minn. Stat. ch. 82, and the Department of Commerce rules in Minn. R. ch. 2805. Listing and buyer's broker agreements track the written-agreement requirements of § 82.66 (definite expiration, no automatic extension, negotiated-compensation statement, override clause enforceable only with a timely written protective list). Agency disclosure at first substantive contact and dual agency follow § 82.67: Minnesota permits dual agency only with the prior written consent of both parties, and the consent form paraphrases the statutory concepts rather than copying any association form. Seller disclosure forms reflect Minn. Stat. §§ 513.52–513.60 (disclosure, inspection-report alternative, or written waiver) plus well, septic, radon, and lead-paint overlays. Contract documents rely on the statute of frauds in ch. 513 and electronic signatures under the Minnesota UETA, ch. 325L. Broker-side forms note that Minnesota provides no residential broker lien, route all compensation through the licensed broker, and omit non-compete covenants in light of Minn. Stat. § 181.988. Not legal advice; have a Minnesota-licensed attorney review before use.