Updated August 02, 2023
An Idaho buyer agency agreement is a legally binding contract between a prospective buyer of real estate and a licensed agent. The agreement defines the buyer’s purchasing preferences such as the desired property type and geographical location. Regarding the agent’s financial compensation, the parties may decide on whether a sales commission is fitting or if an alternative payment method should be established (e.g., hourly rate, flat fee). If the property is subject to a listing agreement, the agent will generally earn a commission which would then be split with the seller’s brokerage.
Disclosures
Agency Disclosure Brochure (§ 54-2085) – Upon the first substantial business contact between a licensee and a buyer, this disclosure must be reviewed and signed by the buyer to indicate their understanding of the different types of agency relationships as well as the responsibilities of the licensee during the real estate transaction.
Realtor Version
Idaho Association of REALTORS® Buyer Representation Agreement (2016 version) – PDF