Agent Roles
What Is a Buyer's Agent in Real Estate?
A buyer's agent is a licensed real estate professional who represents the interests of a home buyer in a real estate transaction. The buyer's agent has a fiduciary duty to the buyer — loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting.
Core Duties of a Buyer's Agent
Loyalty: place client's interests above all others, including the agent's own
Confidentiality: protect client's motivations, timelines, and financial limits
Disclosure: share all known material information relevant to the transaction
Obedience: follow lawful client instructions
Reasonable care: apply professional skill and knowledge to all advice
Accounting: handle all funds and documents responsibly
Search and show: identify properties matching buyer's criteria
Negotiate: advocate for favorable price and terms on client's behalf
Coordinate inspections, appraisals, and transaction milestones
Review contract and advise on contingencies and risks
Buyer Representation Post-NAR Settlement (2024)
Buyer Representation Agreement Required
Following the NAR settlement effective August 2024, buyer's agents must execute a written buyer representation agreement before showing homes. The agreement must specify the agent's compensation and how it will be paid.
Seller-Offered Compensation Still Possible
Sellers can still offer to pay buyer's agent compensation — it's just no longer mandated by MLS rules. Buyers and their agents negotiate how compensation will be structured. Sellers who offer no BAC may make their home less competitive for represented buyers.
Buyer's Agent FAQ
What is the difference between a buyer's agent and a dual agent?
A buyer's agent represents only the buyer. A dual agent (or transaction broker in some states) represents both buyer and seller in the same transaction — which limits their ability to fully advocate for either party. Dual agency is legal in most states with disclosure and consent but controversial. Buyers are best served by exclusive representation.
Does using a buyer's agent cost the buyer more?
Historically, buyer's agent compensation was paid by the seller through MLS cooperative compensation rules. After the 2024 NAR settlement, buyers must now agree in writing to compensation terms before seeing homes. In practice, sellers often still offer buyer's agent compensation, but buyers may need to negotiate or cover it in some transactions.
Can I buy a house without a buyer's agent?
Yes. You can purchase directly from a seller or through the listing agent (as a customer, not a client). However, the listing agent's fiduciary duty is to the seller, not you. Without your own agent, you negotiate without professional advocacy and without access to the agent's expertise on pricing, inspection, contract, and risk.
What is a buyer's representation agreement?
A written contract between a buyer and a brokerage specifying the scope of representation, geographic area, duration, and agent compensation. Required in most states before an agent can show homes. Read it carefully — it binds you to work with that agent and may obligate you to pay compensation if you purchase without them during the term.
Related Resources
Definition Page Pillars
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