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If you’re excited to buy a home but are concerned about signing a buyer-agency agreement, we’ve compiled some resources to help you make an informed decision. This legally binding contract is also known as a buyer-broker agreement, and it actually helps build trust. Read below to learn how.
What is a Buyer-Agency Agreement?
When you’re ready to buy a home, you’ll want to select a top-rated real estate agent. This should be someone you’ve interviewed who has local market expertise. Once you find that person, you’ll typically sign a buyer-agency agreement. This contract is between you, the prospective home purchaser, and the agent, who will represent you during the home buying process. The agreement lists the services your buyer’s agent will provide to you, outlines compensation and terms.
If this agreement is new to you, you may be wondering when this was established. In 2024, the National Association of REALTORS® (NAR) started requiring agents to have a signed buyer-agency agreement before showing homes to clients. This resulted from a nationwide settlement, and now there’s more accountability and clarity. While this agreement isn’t new for the Washington State market, it is new for many other states.
Know Your Options
If there’s something in the buyer-agency agreement that you want to adjust, you can negotiate the terms. By signing this agreement, both you and your real estate agent will have agreed upon expectations so you’re on the same page.
As the NAR states, “You should feel empowered to negotiate any aspect of the agreement with your real estate professional, such as the services you want to receive, the length of the agreement, and the compensation. Compensation between you and your real estate professional is negotiable and not set by law. In the written agreement, the compensation must be clearly defined (e.g., $0, X flat fee, X percent, X hourly rate)—and not open-ended or a range. Only sign an agreement that reflects what you have agreed to with your real estate professional.” Additionally, “agreements may have specific conditions under which they can be exited, so read the text of the agreement and speak with your real estate professional if you would like to change or exit your agreement.”
Benefits
By signing this agreement, you’ll have more peace of mind knowing that confidentiality, communication, and your agent’s commitment to you are all documented. Here at Windermere Silverdale, we believe strongly in putting relationships first and serving clients with integrity and professionalism. Whoever you decide to work with will hopefully feel the same. You want to begin this working relationship with clarity, trust, and protections in place for both parties.
While it may seem like yet another form to sign, the buyer-agency agreement is a safeguard. It turns vocalized trust into a written commitment, helping you move forward with confidence.
