The new buyer agreement rule explained
As of 2024 most buyers sign a short written agreement with their agent before touring homes. This guide explains what changed why it matters and how the agent fee is handled today.
What changed and why
- Written agreement first Before showings your agent needs a signed buyer broker agreement that sets services term and compensation.
- No commission offers on MLS Listing systems removed public offers of compensation to buyer agents. Payment is now negotiated in the offer or paid directly by the buyer per the agreement.
- Clarity for consumers You see in writing how your agent is paid and what they will do for you.
What you will sign
The agreement can be exclusive for your whole search or limited for a single day or a single property. It usually covers:
- How long the agreement lasts and where it applies
- What services the agent provides showings research offer strategy negotiation and coordination through closing
- How the agent is paid and who is expected to pay
Who pays the buyer agent now
The fee is negotiable and disclosed in your agreement. Common options include:
- Seller paid Your offer requests a credit for buyer broker compensation that is paid at closing.
- Buyer paid You agree to pay all or a portion at closing. Some buyers do this to strengthen an offer.
- Mixed A seller credit covers part and you cover any shortfall.
In all cases you will see the numbers before you tour homes so there are no surprises later.
Pros of signing early
- Clear expectations on service and cost
- Faster access to tours and offer prep
- Less confusion about who your agent represents
Tips before you sign
- Ask for a short preview term A one day or one property agreement lets you try the fit before going exclusive.
- Confirm the payment plan Make sure the agreement explains what happens if the seller does not pay a credit.
- Compare service If two agents quote the same fee choose the one with the better plan for search pricing and negotiation.
Keep learning
Local forms and details vary by state and brokerage. Always review the actual agreement your agent provides.