Buyer's Agreement Explained: What You're Signing

I had a conversation last fall with a couple who’d just started their home search. They’d called three agents, scheduled showings for the weekend, and were feeling good about the process. Then the first agent emailed them a document to sign before she’d confirm the appointments.

It was eleven pages long. The couple didn’t read it. They signed it and went to the showings.

Two weeks later, they found a house they wanted to buy — through a different agent they liked better. The first agent called. She reminded them that they’d signed an exclusive representation agreement, it had ninety days left to run, and any home they bought during that period would trigger her commission.

That document they skimmed and signed to get into a couple of weekend showings had just become a $10,000 problem.

What the NAR Settlement Actually Changed

Before August 2024, buyer-agent commissions were handled quietly in the background. Sellers offered a commission split in the MLS — typically 2.5% to the listing agent, 2.5% to the buyer’s agent — and buyers went through the whole process without ever seeing a line item for their agent’s fee.

The 2024 NAR settlement changed the rules on both sides. Sellers are no longer required to offer buyer-agent compensation through the MLS. And agents — this is the part that directly affects you as a buyer — must have a signed buyer’s agreement before showing any home.

The agreement must specify what the buyer agrees to pay. Not what the seller might cover. What you, the buyer, are on the hook for.

For the first time in the history of residential real estate, buyers have to look at a document that says, plainly: this is what your agent costs.

What a Buyer’s Agreement Actually Says

The name varies by state — buyer agency agreement, buyer representation agreement, buyer broker agreement, exclusive right-to-represent agreement. The legal effect is largely the same. Here’s what the key sections typically mean in plain English:

The Terms You Can Negotiate

Most buyers assume the buyer’s agreement is a standard form they either sign or don’t. That’s not accurate. Every material term is negotiable. Agents may push back — some harder than others — but nothing in the agreement is legally fixed.

Commission rate. The 2.5-3% figure is a starting point, not a floor. Some agents will negotiate to 1.5-2%, particularly in higher price ranges where the dollar amount is significant. You can also ask for a flat fee instead of a percentage.

Exclusivity. You can ask for a non-exclusive agreement, which lets you work with multiple agents or switch without penalty. Non-exclusive agreements are less common but not unheard of.

Duration. Ninety days is common. Thirty days is reasonable to request, especially before you’ve seen whether you actually work well with this agent.

Geographic scope. Limiting the agreement to a specific city or neighborhood gives you flexibility to work with different agents in different areas if your search evolves.

Cancellation terms. Ask for a mutual cancellation clause with written notice — typically five to ten business days. If an agent won’t agree to any exit provision, that tells you something about how they operate.

What Happens If You Don’t Sign One

Here’s the part most buyers don’t know: you’re not required to sign a buyer’s agreement. The requirement runs the other direction — agents can’t show you homes without one. But you have no legal obligation to use a buyer’s agent at all.

If you choose not to sign a buyer’s agreement, you represent yourself. That means:

• You contact listing agents directly to schedule showings. The listing agent’s contact information is on every listing. You call or email, identify yourself as a self-represented buyer, and book the showing. Listing agents do this regularly.
• You submit offers directly through the listing agent or a title company, using your state’s standard purchase agreement form — the same form agents use.
• There is no buyer-agent commission attached to your offer, which means the seller nets more money on the same price. That’s a structural advantage.
• You handle the process with the right information and frameworks, rather than delegating it to someone paid on commission.

For a full breakdown of what that process actually looks like in practice, the walkthrough of buying without an agent covers it step by step.

The One Question Worth Asking Before You Sign Anything

If you’re considering working with a buyer’s agent and they hand you a buyer’s agreement, ask one question before you sign: “If I find a home I want to buy on my own, and you were never involved in finding it — do I still owe you a commission?”

The answer depends on the specific language of the agreement. Some say yes. If the agreement says “any property purchased during the term,” you owe the commission regardless of who found it. Others limit commission triggers to properties the agent showed or introduced. Know which one you’re signing.

That’s the question the couple I mentioned at the start of this post never asked. They signed a broad exclusive agreement and then found a house they loved without the agent’s involvement. The commission was triggered anyway.

The BAIRE Alternative

BAIRE is an AI-powered educational platform for home buyers. Not a brokerage. Not an agent. No buyer’s agreement. No lock-in.

BAIRE provides the comp analysis, offer preparation guidance, negotiation frameworks, and closing support that buyers need to work through the process on their own — for $995, versus $10,000+ in buyer-agent commission on a typical home. Because there’s no buyer’s agent attached to your offer, your offer is structurally stronger for the seller.

You can read through our complete guide to buying without a realtor to see how the whole process fits together before deciding what approach makes sense for you.