What is a buyer representation agreement?

A buyer representation agreement is a written contract between a buyer and a brokerage that establishes the broker as the buyer's agent and defines the scope of representation, compensation terms, and duration. It obligates the agent to act in the buyer's best interest and the buyer to work exclusively with that agent during the agreement period. Following the 2024 National Association of Realtors settlement, buyer representation agreements became mandatory before agents could show properties.