Buyer broker agreement UT

We signed a standard buyer broker agreement that has us locked in until Dec 2016 or until we purchase a property the language reads: Buyer hereby retains the Company, including ____________________________________________ (the “Buyer’s Agent”) as the authorized agent for the Company, starting on the Effective Date as defined in section 15 below, and ending at 5:00 P.M. (Mountain Time) on the 20__day of December________, 20_16, or the Closing of the acquisition of a property, which ever occurs first. There is also a clause stating : If within 6 months after the termination or expiration of this Exclusive Buyer-Broker Agreement, Buyer or any person acting on the Buyer’s behalf, enters into an agreement to purchase, exchange, obtain an option on, or lease any property, as referenced in Section 1 above, located for Buyer by Buyer’s Agent or the Company, or on which Buyer’s Agent negotiates in Buyer’s behalf during the Initial Term, Buyer agrees to pay to the Company the Brokerage Fee referenced in Section 2. We love our agent and plan to buy a lot from him but under this contract do we also have to use him when negotiating with our builder if we do it within 6 months of buying the lot? We just feel it'd be more cost effective to negotiate with the builder ourselves since he is a family friend and we won't have to pay the brokerage fee of 3% or about 5500.00.

Posted May 29, 2016, 7:50 PM UTC

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