Short answer: if you want to tour homes with a Realtor®, almost always yes. But a buyer agency agreement isn’t the lock-you-in contract many buyers fear, and you have more say in the terms than you might think.
If you’ve started searching for homes in Albany, Saratoga Springs, Clifton Park, Troy, or Schenectady, you may have been surprised when an agent asked you to sign a buyer agency agreement before your first showing. That’s not the agent being pushy. The rules changed, and this guide explains what you’re signing, what it costs, and what to ask first.
Why Do Buyers Have to Sign a Buyer Agency Agreement Now?
The change comes from the National Association of REALTORS® (NAR) settlement. Since August 17, 2024, buyers and agents must enter into a written agreement before touring any homes. The requirement covers in-person and live virtual tours, and New York buyers are covered like buyers in every other state. nationalmortgageprofessionalhauteliving
Before the change, many buyers worked with agents on a handshake. Now the relationship, and how the agent gets paid, has to be in writing from the start.
What Is a Buyer Agency Agreement?
A buyer agency agreement (also called a buyer broker agreement or buyer representation agreement) is a contract between you and your real estate agent or brokerage. It spells out:
- What your agent will do for you: searching for homes, scheduling tours, negotiating offers, and guiding you through contract and closing.
- How your agent is paid: compensation is now agreed upon before you tour homes.
- How long the agreement lasts, and how either side can end it.
Think of it as a job description and pay agreement for the person representing you in what may be the biggest purchase of your life.
Exclusive vs. Non-Exclusive Buyer Agreements
Not every agreement binds you the same way:
- Exclusive agreements commit you to working with one agent or brokerage for a set period.
- Non-exclusive agreements are more flexible. NYSAR has prepared both an exclusive and a non-exclusive buyer agency agreement, and the non-exclusive version can be used when a buyer wants to see only certain properties. hgar
If you’re still getting to know an agent, ask which options are available and how long the term needs to be.
Do I Need an Agreement to Go to an Open House?
Generally, the requirement applies when an agent is working with you and touring a home with you. Attending a public open house on your own, or browsing listings online, doesn’t require a signed agreement. If you decide you’d like that agent to represent you afterward, an agreement will need to be in place first.
How Much Does a Buyer’s Agent Cost Now?
This is the question buyers worry about most. Under the settlement, a home seller doesn’t have to pay the buyer agent’s fee. Many sellers still offer to, but it’s no longer required. deeds
Your agreement should clearly explain:
- How your agent is paid: a percentage, a flat fee, or an hourly rate
- Whether a seller’s contribution reduces what you owe
- What happens if the seller offers less than the amount you agreed to
Compensation is negotiable, and you should never feel pressured to accept terms you don’t understand.
6 Questions to Ask Before You Sign
- Is this agreement exclusive or non-exclusive?
- How long does it last, and can I choose a shorter term?
- How exactly are you paid, and what happens if the seller pays less?
- Can I cancel if the relationship isn’t working? How?
- Does it cover every home I tour, or only specific properties?
- What happens if I buy a home without the agent, like a new build or a For Sale By Owner?
If something is unclear, ask for it in plain English. You can also have a real estate attorney review it before you sign.
How Is This Different From the New York Agency Disclosure Form?
New York also requires the Disclosure Regarding Real Estate Agency Relationship form, which explains the types of agency relationships an agent can have (such as buyer’s agent, seller’s agent, or dual agent). It’s a separate document. The buyer agency agreement is the contract covering your working relationship and compensation.
Frequently Asked Questions
Do I have to sign a buyer agency agreement to see homes in New York?
If you’re working with a Realtor who is an MLS participant, yes. A written agreement is required before they tour a home with you, in person or virtually.
Can I negotiate a buyer agency agreement?
Yes. Compensation, length of the agreement, and exclusivity can all be discussed before you sign.
Can I cancel a buyer agency agreement?
It depends on the terms, which is why it’s important to ask about termination before signing.
Do I still have to pay my agent if the seller offers to cover the commission?
Possibly in part. It depends on how the agreement is written, so ask how a seller’s contribution would be applied.
Do I need an agreement to attend an open house?
Generally not, if you’re attending on your own and not being represented by an agent.
The Bottom Line
Yes, if you want an agent to show you homes in the Capital Region, expect to sign a buyer agency agreement first. But it’s really about clarity: you’ll know what your agent does, what it costs, and how to end the relationship if needed. Used well, it protects you.
Ready to start your home search? [Agent/brokerage name] is happy to walk you through exactly what we ask buyers to sign, and why, before you step into a single home. [Contact us] for a no-pressure conversation.
This post is for general information and isn’t legal advice. Agreement terms vary by brokerage, so please review any document carefully and consult an attorney with questions.