either party. The listing agent may or may not discount their compensation in this situation. A buyer's agent is therefore a real estate professional hired solely to representing your interests as the buyer throughout the home- buying process. Once you agree to work with a buyer’s agent, you will sign a written buyer agreement outlining key services and you will negotiate a compensation agreement with the agent. More on this in the next paragraph.
BUYER AGREEMENT GREEMENTS
New regulations from the National Association of REALTORS® as of August 17, 2024 mean that potential home buyers will need to enter into a written buyer’s agreement before touring homes. A written buyer agreement is a formal contract between you and your buyer's agent. (These can be as simple as a one page document, a document covering one home, or a longer multipage document- mine is one page.) This agreement outlines the services your agent will provide, the terms of your working relationship, and how your agent will be compensated. Compensation for the buyer’s agent can be directly paid by the buyer, or negotiated to be paid by the seller as a term of the contract (this is ideally how it happens), or a combination of the two. This agreement ensures that both you and your agent are clear on your mutual expectations and responsibilities. Key Components of a Buyer’s Agreement • Services Provided: Details of what your agent will do for you, such as finding homes, arranging viewings, negotiating terms of the offer(s) you wish to present, making referrals to service providers, negotiating repairs (if any) after the inspection, providing information to the appraiser, staying in contact with your lender, the title company, and listing agent throughout the closing
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