Non-Disclosure Agreement

Confidentiality/Non-Disclosure Agreement

Our agreement with the Seller requires that we obtain a Non-Disclosure and evidence of financial ability before disclosing the name and location of his/her business. This information will be kept confidential.

In consideration of the broker, Business Brokerage Services, LLC providing the information on businesses for sale, I/we understand and agree:

  1. Any information provided on any business is sensitive and confidential, and that its disclosure to other may be damaging to the businesses and their owners.
  2. Not to disclose, for a period of two years from the date I/we sign this Non-Disclosure Agreement, any information regarding these businesses to any other person who has not also signed this Agreement, except to secure the advice and recommendations of my business advisors (accountants, attorneys, etc.). “Information” as used in this Agreement shall include the fact that the businesses are for sale, plus any other data provided.
  3. Not to contract the business owners or their landlords, employees, suppliers or customers except through Broker. All correspondence, inquires, offers to purchase and negotiations relating to the purchase or lease of any business presented by Broker will be conducted exclusively through Broker.
  4. Not to circumvent or interfere with Broker’s contract with the Seller in any way, I/we understand that if I/we interfere with the Broker’s right to its fee from Seller, I/we may be personally liable to Broker for payment of the Seller’s fee. We understand that should I/we become a manager or otherwise connected with any of the businesses shown or offered to me/us for sale, or should I/we buy, trade, lease or exchange any of the businesses disclosed to me/us, then a fee will be due to Broker. I/we understand that if I/we make the purchase through the Broker, I/we will not be liable for the fee, which is paid by Seller to the Broker.
  5. That all information regarding businesses for sale is provided by the Seller or other sources and is not verified in any way by Broker. Broker has no knowledge of this accuracy of said information and makes no warranty, express or implied, as to the accuracy of such information. Understanding that, I/we shall make an independent verification of said information prior to entering into an agreement to purchase any business. I/we agree that Broker is not responsible for the accuracy of any of the information I/we receive or fail to receive. That I/we agree to indemnify ad hold Broker and its agents harmless from any claims or damages, which may occur due to the inaccuracy or incompleteness of any information, provided to me/us with respect to any business I/we might purchase.
  6. That Broker is a Transaction Broker/ intermediary and has a contract providing for a fee to be paid by the Seller upon a sale, trade, lease, or transfer of the Seller’s business property.

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BROKERAGE DISCLOSURE TO BUYER DEFINITIONS OF WORKING RELATIONSHIPS

(For purposes of this disclosure, buyer also means “tenant” and seller also means “landlord”)

Sellers Agent: A seller’s agent works solely on behalf of the seller and owes duties to the seller including the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate for the seller. The agent must disclose to potential buyers or tenants all adverse material facts about the property actually known by the broker. A separate written listing agreement is required which sets forth the duties and obligations of the parties.

Buyer’s Agent: A buyer’s agent works solely on behalf of the buyer and owes duties to the buyer which include the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate for the buyer. The agent must disclose to potential sellers all adverse material facts concerning the buyer’s financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property. A separate written buyer agency agreements required which sets forth the duties and obligations of the parties.

Transaction Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction with communication, advice, negotiation, contracting and closing without being an agent or advocate for any of the parties. A transaction-broker must use reasonable skill and care in the performance of any oral or written agreement. A transaction-broker must also make the same disclosures as agents about adverse material facts concerning a property or a buyer’s financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property. No written agreement is required.

Customer: A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party’s agent or as the party’s transaction-broker.