About Buyer Agency & the Buyer Broker Agreement

Beginning in July 2012, Virginia code required that buyer broker agreements between real estate agents and their buyer clients be in writing and signed prior to any homes being shown to the buyer. More recently, written buyer broker agreements have been mandated nation-wide as an outcome of the 2024 settlement between the National Association of Realtors and the US Department of Justice. We applaud this change. Having the buyer – agent relationship articulated and agreed in writing benefits home buyers and their representatives alike.

When you sign a buyer broker agreement, which is essentially an employment contract for our services, an agency relationship is created between you and Nest Realty. The buyer broker agreement identifies the services we will provide for you, for how long, what sort of property you are seeking (in general terms) and outlines the duties and obligations of both parties. The agreement also covers critical topics such as broker compensation, and the concepts of designated agency and single agent dual agency (a practice which Nest Agents don’t engage in).

Reviewing and signing a buyer broker agreement together ensures that you enter into our relationship with an understanding of how we work together. At The Front Porch Team we have every real estate buyer sign a buyer broker agreement before we take them to see homes for sale. Sometimes, we will sign a very short term agreement, perhaps for just a 24 hour period or for one specific property. We consider our first agreement and outing together like a first date. We’ll get to know one another a bit and, if you decide the fit is not right, that’s ok. But if you want a second date, you’ll need to sign an agreement covering a longer period of time.

At Nest, we are big believers in the value of the written buyer broker agreement, because when you hire one of us to be your buyer’s agent, you are hiring someone who will represent you during one of the biggest, if not the biggest financial (and emotional) investments of your life. A written buyer broker agreement lays the groundwork for a productive, transparent collaboration, effective communication, and service centered on your best interests.