A Home Buyers Guide To Understanding the Written Buyer Agreement

If you're buying a home and working with a REALTOR®, you may be asked to sign a written buyer agreement starting August 17, 2024. This is a new step to help protect and guide you. Here's what it means and why it’s nothing to worry about.

What Is a Buyer Agreement?
A buyer agreement is a contract between you and your real estate agent. It explains what services your agent will provide and how they’ll be paid. It’s designed to make everything clear from the start.

Why Do I Need to Sign It?
This new rule is part of the National Association of REALTORS®’ response to recent changes in real estate practices. While some states have used buyer agreements for years, this is now becoming standard everywhere.

Can I Negotiate the Agreement?
Yes! You can negotiate the services, the length of the agreement, and how your agent gets paid. Just make sure the agreement reflects what you’ve discussed and feel comfortable with.

How Does It Benefit Me?
This agreement ensures everyone is on the same page, reducing confusion. You’ll know exactly what your agent is doing for you and what they’ll be paid, which makes the process smoother.

When Do I Need to Sign It?
You’ll be asked to sign before you tour homes with your agent, whether in-person or online. If you’re just visiting an open house or asking for information, you don’t need to sign yet.

Will I Have to Pay Out of Pocket?
Not necessarily. You can still negotiate for the seller or their agent to cover your agent’s fees. The agreement will outline what’s expected, so you know upfront.

Can I Change or Exit the Agreement?
Yes! You and your agent can make changes or even end the agreement if needed, as long as both sides agree. Just be sure to read the details carefully.

Ready to navigate your home-buying journey with confidence? Understanding and signing a buyer agreement is a key step in making sure you and your REALTOR® are on the same page. If you have any questions or need assistance with this new process, don’t hesitate to reach out to your agent or contact us for more information. Let's make your home-buying experience as smooth and informed as possible. Start your journey today!