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For buyers

Buyer Agency Agreement

Learn more about this legally required agreement before you sign.

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What is the buyer agency agreement?

Welcome to an important step in your home-buying journey. This agreement describes how agents are compensated, the type of agency relationship between you and the agent and whether you are choosing to work exclusively with one agent or more.

Take time to review the agreement, focusing on the compensation, exclusivity, and duration clauses. Your agent is an invaluable resource in this process - their expertise can help you navigate complex market conditions, access exclusive listings, and negotiate the best possible terms for your home purchase.

This agreement empowers your agent to fully leverage their professional network, market insights, and negotiation skills on your behalf. It establishes a committed partnership, allowing your agent to dedicate their time and resources to finding your ideal home while protecting your interests every step of the way. By formalizing this relationship, you're not just fulfilling a requirement - you're gaining a dedicated advocate in the competitive real estate market. Your agent's experience and guidance can be the difference between a good deal and a great one.

Key points to remember

Keep these points in mind when signing the agreement.

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  • 1

    It's standard practice

    Every buyer, with every agent, now needs to sign this type of agreement. You're not being singled out or asked to do anything unusual

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  • 2

    It’s about transparency

    This agreement helps ensure that you fully understand the terms of your working relationship with your agent.

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  • 3

    Your interests are protected

    The agreement outlines your rights and your agent's responsibilities, giving you a clear framework for your working relationship.

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  • 4

    You are in control

    While the agreement is required, its specific terms can be negotiated. Feel free to discuss any points with your agent to ensure you're comfortable.

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What’s covered in the agreement?

This agreement is designed to protect both you and your agent. Don't hesitate to ask your agent for clarification on any points.

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  • Compensation

    How your agent will be paid for their services. This often involves the seller covering the cost, but the agreement will clearly outline your responsibilities if that doesn't occur.

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  • Exclusivity

    Whether you're agreeing to work only with this agent (exclusive) or keeping your options open to work with multiple agents (non-exclusive).

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  • Duration

    The length of time the agreement will be in effect and the conditions under which it can be terminated.

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  • Other important elements

    The agreement also covers other crucial aspects such as fair housing compliance, dispute resolution procedures, and the services your agent will provide.

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Why this benefits you

This agreement puts the home-buyer in a stronger position.

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  • Transparency

    You'll have a clear understanding of your agent's compensation and role

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  • Protection

    A defined agency relationship helps safeguard your interests throughout the buying process.

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  • Flexibility

    Knowing the terms of exclusivity and duration allows you to make choices that best suit your needs.

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  • Informed decisions

    With these key points clearly laid out, you can confidently navigate the home-buying process.

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