What is a Buyer Agency Agreement?
In the past, written agreements between buyers and their agents were often signed later in the process. Today, a written buyer agreement is required before we can even tour a home together—whether in person or via a live virtual tour.
This isn’t just paperwork; it’s a tool for transparency. The agreement clearly outlines:
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The Services Provided: Exactly what I will do to help you find, negotiate, and close on your home.
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Compensation: A specific, transparent fee or rate for these services.
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Negotiability: A reminder that commissions are not set by law and are fully negotiable.
Why the Change?
The goal of the settlement was to ensure buyers fully understand how their agent is compensated. Previously, commissions were often listed on the Multiple Listing Service (MLS). Now, those offers of compensation are moved "off-MLS," making direct communication and written agreements essential.
Does This Mean You Have to Pay Out of Pocket?
Not necessarily. While the agreement specifies the agent's compensation, you can still ask the seller to cover these costs as part of your purchase offer. In many cases, sellers continue to offer these concessions to attract competitive bids.
The Bottom Line
This shift empowers you as a consumer. You’ll know exactly what you’re paying for and what value your agent brings to the table before you ever step foot in a foyer.
Ready to start your search? Let’s sit down for a quick coffee to review our buyer agreement and build a strategy that works for you. Would you like me to send over a sample agreement so you can see what it looks like?
