What is the purpose of a Buyer Representation Agreement?

The purpose of a Buyer Representation Agreement is to establish a formal relationship between a buyer and a broker. This contract defines the obligations and expectations of both parties, ensuring that the broker acts in the buyer's best interests during the home-buying process. It typically involves the broker providing certain services to the buyer, such as market analysis and property showings, while the buyer agrees to work exclusively with that broker for a specified period.

This agreement provides legal protection for both the buyer and the broker, ensuring that the broker receives compensation upon a successful transaction while also committing the buyer to a defined working relationship. It clarifies the scope of representation and helps to foster a more efficient and effective home-buying process.