Updated August 02, 2023
A New York buyer agency agreement is used to relay the terms and conditions of the relationship between a buyer of real estate (the client) and the broker that will represent them. Usually, the agency will assign a single agent to represent the client. Using the buyer agency agreement, the parties can discuss the fees associated with representation, the price range the buyer can afford, the term of the agency, and the compensation format (e.g., retainer, hourly wage, transaction fee). It is recommended that legal counsel be sought prior to signing the buyer agency agreement.
Disclosures
Agency Disclosure Form (RPP § 443) – It is legally required that agents inform their clients, be it sellers or buyers, of the nature of their relationship and the rights and obligations the signing of an agreement would create.
Dual Agency (RPP § 443) – A real estate agent is able to represent both parties if consent is provided by each individual.
Realtor Version
New York Buyer Agency Agreement – Exclusive Right-to-Represent – PDF