Wa Buyer Brokerage Agreement

WA Buyer Brokerage Agreement ## Overview Following the 2024 NAR settlement and Washington's SB 5191, real estate brokers must execute a written buyer brokerage agreement before touring property with a prospective buyer. This agreement formalizes the agency relationship and discloses compensation. ## Required Elements A Washington buyer brokerage agreement must include: - Identification of the buyer and brokerage - Description of services to be provided - Compensation terms (amount and who pays) - Duration of the agreement - Buyer's and broker's signatures ## Compensation Disclosure Under the new rules, compensation offered by sellers is not automatically passed to buyer brokers through the MLS. Buyers and their brokers must negotiate compensation directly. The buyer broker agreement must clearly state: - The broker's fee - Whether the seller may pay part or all of the fee - What happens if the seller offers less than the agreed fee ## Key Terms - Buyer Brokerage Agreement: Written contract establishing agency between buyer and broker - Compensation Disclosure: Clear statement of broker fee and payment source - SB 5191: WA law requiring written agreements before property tours