What is a buyer's agency agreement?

A buyer's agency agreement is fundamentally a contract between a buyer and a real estate agent that designates the agent to assist the buyer in the process of purchasing property. This agreement establishes a formal relationship in which the agent represents the interests of the buyer, typically providing valuable services such as property searches, negotiation support, and guidance through the transaction process.

In the context of real estate, this type of agreement is significant because it ensures that the buyer receives dedicated support and advocacy from the agent. Furthermore, the agent often has a fiduciary duty to act in the best interests of the buyer, which includes providing full disclosure, loyalty, and confidentiality.

A buyer's agency agreement typically includes details about the scope of services to be provided, duration of the agreement, and the commission structure. This clarity helps both the buyer and the agent understand their rights and responsibilities throughout the buying process.