What’s a Buyer Broker Agreement in Florida?
Learn what a buyer broker agreement in Florida means for homebuyers, why it’s required, and how it impacts commissions and property tours.
If you’re planning to buy a home in Florida, you’ll now need to sign a buyer-broker agreement before touring properties with a real estate agent. This requirement, part of a nationwide change enacted in mid-August, aims to increase transparency and shift key aspects of real estate transactions into the hands of homebuyers.
This easy-scan guide will break down what a buyer-broker agreement is, why it’s required, and how it affects the home-buying process in Florida.
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Editor’s note: This post is for educational purposes. If you need assistance with a buyer broker agreement in Florida, HomeLight encourages you to consult a professional advisor.
Do you have to sign a buyer-broker agreement in Florida?
Yes, Florida buyers using an agent with MLS access must now sign a buyer broker agreement before touring homes with the agent. This requirement, part of the National Association of Realtors (NAR) rule changes effective August 17, 2024, ensures that buyers and agents formalize their working relationship before any property tours occur.
This change might feel significant for buyers in Florida, but it aligns with practices that were already required in 18 other states. The goal is to increase transparency and give buyers a clearer understanding of their financial obligations, including compensating their agent.
