Written Buyer Agreements Explained: What Homebuyers Need to Know

If you’re planning to buy a home, you may soon be asked to sign something called a written buyer agreement—and many buyers are surprised by this requirement. As of August 17, 2024, this is now required nationwide when working with a REALTOR®.

Let’s break down what this means and how it actually protects you.

What Is a Written Buyer Agreement?

A written buyer agreement is a contract between a homebuyer and their real estate professional that clearly outlines:

  • The services your agent will provide

  • How your agent will be compensated

  • The terms of the working relationship

This agreement ensures your agent is legally and ethically obligated to represent your best interests.

Why Are Buyer Agreements Now Required?

This change stems from the National Association of REALTORS® settlement regarding broker commissions. While Virginia has required buyer agreements for years, this rule now applies nationwide.

It also reinforces Fair Housing protections, ensuring all buyers receive consistent, professional representation.

Are Buyer Agreements Negotiable?

Yes—absolutely.

Buyers can negotiate:

  • Agreement length

  • Scope of services

  • Compensation structure

Compensation is not set by law and can be structured as a flat fee, hourly rate, or percentage.

When Do You Need to Sign One?

  • ❌ Open houses or initial inquiries: No agreement required

  • ✅ Touring a home (in person or virtual): Agreement required

Do Buyers Have to Pay Out of Pocket?

Not necessarily. While buyers are responsible for their agent’s compensation under the agreement, this cost can often be negotiated with the seller.

Final Thoughts

A written buyer agreement is not just a requirement—it’s a safeguard. It brings clarity, transparency, and accountability to the homebuying process.

If you’re buying in Central Virginia and want guidance you can trust, working with an experienced REALTOR® makes all the difference.

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