If a buyer signs a buyer agency agreement, what does it establish?

When a buyer signs a buyer agency agreement, it establishes exclusive representation of the buyer. This means that the agent is legally obligated to act in the best interests of the buyer throughout the home-buying process. The agreement creates a fiduciary relationship, wherein the agent must provide full loyalty, confidentiality, and an array of services that support the buyer's needs and preferences.

This exclusive representation not only enables the agent to focus on advocating for the specific buyer but also clarifies that the agent cannot represent any competing buyers in the same transaction without the buyer's consent. It’s essentially a commitment from the buyer that they will work exclusively with that agent, ensuring that the agent can dedicate their resources and expertise towards finding the best property for the buyer without conflicts of interest arising from representing multiple buyers simultaneously.