What is a written buyer agreement?
It’s a contract between you and the brokerage representing you as a buyer. It should explain the services, how long the agreement lasts, which homes or area it covers, whether it is exclusive, and how it can end.
Under NAR’s settlement-related MLS rules, agents working with a buyer generally need a written agreement before touring a home together, including a live virtual tour. State law can add different requirements. Visiting an open house on your own or simply asking an agent about their services does not necessarily require signing one.
The agreement must spell out the agent’s pay.
For agreements covered by those rules, compensation must be a specific, objectively ascertainable amount or rate—for example, a flat dollar amount or a percentage. It cannot just say “whatever the seller offers.” It must also make clear that compensation is negotiable and not set by law.
Discuss the services you want, the amount or rate, the length of the agreement, exclusivity, and any cancellation terms before signing. You can compare agents, just as you compare lenders.
The seller or listing side may agree to cover some or all of your agent’s compensation, but that is not guaranteed. Under the applicable NAR rules, your agent cannot receive more than the compensation agreed to in your buyer agreement. Ask what you would owe if no seller contribution is available.
Five questions to ask before signing
- What services are included, and which homes does the agreement cover?
- What exact fee or rate am I agreeing to, and when is it due?
- If the seller pays some of the fee, how does that reduce what I owe?
- How long does this last, is it exclusive, and how can I end it?
- Could any fees or obligations remain after it ends?
Keep a signed copy. Ask a local attorney about wording or obligations you don’t understand.
How to use the calculator’s agent-fee box
Enter only the amount you expect to pay yourself, after any confirmed contributions. The calculator expresses it as a percentage of the price. For a $3,000 flat fee on a $300,000 home, enter 1%. If someone else covers the full agreed fee, enter 0%. Check whether it is already included in your closing-cost estimate so you don’t count it twice.
Try your agent fee in the calculator ↗Go straight to the source
- NAR: Consumer guide to written buyer agreements
- NAR: Settlement FAQs, including negotiable compensation and touring rules
Program rules can change. Source publication dates and any historical requirements are identified in the text.