What’s a Buyer Broker Agreement in Florida?

What is a buyer-broker agreement?

A buyer-broker agreement is a written contract between a homebuyer and their real estate agent. It outlines the responsibilities of both parties, including:

• The agent’s duties, such as finding properties that meet your needs, scheduling tours and showings, and negotiating on your behalf.
• The buyer’s obligation to work exclusively with the agent and compensate them for their services, often through a commission.

This legally binding document ensures that both the buyer and agent are clear about their roles and expectations throughout the home-buying process.

What’s in the new buyer-broker agreements?

The new buyer-broker agreements are designed to clarify the working relationship between buyers and agents. Key elements often included are:

• Exclusive representation: Your buyer-broker agreement may contain a clause stating that you agree to work only with the agent during the specified term. You can negotiate this clause and the timeframe. However, some Realtors may offer you a preliminary, nonexclusive property touring agreement followed by a more detailed contract.
• What you can expect: The buyer-broker agreement outlines your real estate agent’s responsibilities, from touring homes and submitting an offer to negotiating and closing the sale.
• Compensation terms: Details on how and when your agent will be paid, including whether the commission is negotiable.
• Duration of the agreement: The start and end dates of the agreement.
• Cancellation terms: The process for terminating the agreement if needed. This may include a dollar amount the buyer must pay if the cancellation terms are not followed.

Other buyer-broker agreement considerations

Dual agency agreement: If you agree to dual representation, your buyer’s agent becomes a dual agent. With dual agency, you agree to view homes that your agent has listed with their own seller clients, meaning your agent will represent both you and the seller. Dual agency is not legal in eight states due to the potential for conflict of interest.

Nonexclusive agreement: If you find an agent offering a nonexclusive agreement, this means you, the buyer, can work with other agents to purchase a property. A nonexclusive buyer agreement does not lock you into a long-term commitment. This is becoming more common in initial property touring agreements as hesitant buyers navigate the new NAR rules.

How does this impact Florida homebuyers?

While Florida was once among the hottest housing markets in the nation, parts of the Sunshine State are not warming up for home sellers. Some markets, like Miami, are expected to continue thriving in 2025, while others, such as Tampa, St. Petersburg, Sarasota, and Naples, are predicted to experience declines in home values, which could be good news for some buyers. However, before you start shopping for a home, you’ll need to be aware of the new buyer-broker agreement rules.

• Written agreements are mandatory before property tours: You’ll need to sign a buyer-broker agreement before viewing homes with an agent.
• Commission payments are your responsibility: As the buyer, it’s now your obligation to compensate your agent. However, you can negotiate with the seller to cover this cost in your purchase offer.

Can you sign a 1-day buyer-broker agreement?

Because the NAR settlement rules require buyers to sign an agreement before touring a property, many agents are providing flexible terms. Good agents strive to put their clients at ease rather than make them feel pressured to lock into a long-term commitment. To avoid the risk of having a buyer seek out a different Realtor, some agents will accommodate even a one-property or one-day agreement.

How long are buyers willing to commit to a broker agreement?

In a recent survey of more than 750 top agents throughout the nation, HomeLight found that most agents are adjusting their buyer-broker agreements — or their initial touring agreements — to fit whatever timeframe their clients want. According to the survey, here is what buyers in the current market are asking for:

• Multi-month agreement: 42%
• Per-property, one-showing agreement: 21%
• Month-long agreement: 11%
• Week-long agreement: 7%
• One-day (24-hour) agreement: 5%
• Weekend (2- or 3-day) agreement: 4%
• Other lengths of time: 10%

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Key benefits of a buyer-broker agreement

While the requirement may feel like an extra step, the buyer-broker agreement offers several advantages:

• Transparency: Both you and your agent have a clear understanding of your respective responsibilities.
• Commitment: The agreement fosters a sense of mutual dedication to the home-buying process.
• Negotiation control: You have more influence over how your agent’s commission is handled, creating room for financial flexibility.

FAQ about buyer broker agreements in Florida

Do you need to sign an agreement to view an open house?
No, the buyer-broker agreement typically applies to private showings with an agent. Open houses are open to the public, and you should be able to attend without signing an agreement. However, open house guidelines under the new rules are still evolving and may vary by region or brokerage. But on a word of caution, if you already signed an exclusive agreement with a buyer’s agent, and you attend an open house and decide to buy the property, you may be required to pay your contracted agent, even if the agent did not find the open house home.

Are all buyer-broker agreements the same?
No, agreements can vary between brokerages and agents and can look very different, depending on what you negotiate with the agent. For example, one agreement might be for a single day of touring homes, while another might be written as a multi-month agreement. It’s important to review the terms carefully and ask questions about any differences.

What red flags might be in a buyer-broker agreement?
When considering a buyer-broker agreement, watch out for:

• Long durations that lock you in for an extended period
• Non-negotiable commission rates
• Vague cancellation terms or penalties for terminating the agreement

Why have buyer-broker agreements changed?
The NAR rule changes aim to promote transparency and ensure buyers understand their responsibility for agent commissions, reducing confusion during transactions.

Do the new rules control how much commission I need to pay?
No, the new NAR rules do not dictate agent commission amounts. This was true with buyer-broker contracts even before the settlement agreement. Agent commission rates have always been negotiable.

How much agent commission will I pay as a homebuyer?
You can negotiate with your agent how much you pay in Realtor fees. A recent HomeLight survey found that a typical buyer commission range is between 2.5% and 3%. However, you may find a discount commission agent or brokerage, or you might negotiate a lower rate for a less complicated transaction, such as a home sale between family members. Below is a table that illustrates various percentages of commissions on a median-priced $400,000 home purchase.

Commission examples on $400,000 home

Bottom line: Buyer-broker agreements in Florida

The new buyer-broker agreement requirement in Florida is part of a nationwide push for transparency in real estate. While it may feel like a shift in how you shop for a home, the agreement ultimately empowers buyers by clarifying responsibilities and enabling more control over financial arrangements.

It’s important to remember that reputable real estate agents dedicate a great deal of time and effort to helping their clients. A skilled Realtor should expect to receive fair compensation. But at the same time, agents also know that they need to earn your trust and business, so most experienced agents are offering flexible ways to comply with the new NAR settlement mandates.

If you’re buying a home in Florida, take the time to understand the agreement and discuss it with your agent. With this added clarity, you can approach your home search with confidence, knowing you’re fully informed about the process.

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