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Buyer Broker Agreement
As of August 17, 2024, federal law requires that a buyer and their real estate agent sign an Exclusive Buyer-Broker Agreement before viewing a property. This is a result of an antitrust lawsuit settlement that aims to make the real estate process more transparent and fair for buyers and sellers:
Buyer-broker agreement
A written contract that establishes the relationship between the buyer and their agent. The agreement includes details about the services the agent will provide, the buyer's agent's compensation, and the representation period.
Agent's commission
The buyer is responsible for negotiating with the seller to cover the agent's fee. The seller is no longer required to pay the agent's commission, and listings on the Multiple Listing Service (MLS) no longer display the buyer's agent's compensation.
Representation period
The buyer and their agent are typically represented for up to three months, but the agreement can be renewed.
Transparency
The buyer-broker agreement ensures that the buyer knows who is working for them and how they are being compensated.