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The Buyer Agency Form. Why?
Why Do I Have to Sign a Buyer Agency Form Just to See the House? The contract protects the interests and transparency of both the prospective buyer and the real estate agent. And perhaps most importantly, it’s now required by law in the State of Pennsylvania.
Going to see a house used to be, well, easier. In August of 2024, the Pennsylvania Real Estate Commission signed into law a new policy that requires all buyers and Real Estate Agents to sign a Buyer Agency Agreement before they are allowed to step foot into a house for a private showing.
This is very different from years past, when a prospective buyer just had to show up, and could be let in to see the house by a Real Estate Agent.
This new requirement for signatures on a Buyer Agency Agreement prior to seeing a property is not exclusive to any particular broker. National brokers such as Remax, Century21, Compass are all required.
Local boutique agencies such as Iron Valley and Pagoda Realty are also required. The law applies to any and all private showings in the state of Pennsylvania.
Here is the purpose of this law:
Establish How Real Estate Agents get Paid
This ensures all parties to a real estate transaction are aligned on how real estate agents get paid. There is full transparency for everyone.
Open Houses do not fall into this category because they are not “private” showings. If the house is open to the public, for example on a Sunday afternoon from 1-3pm and this is advertised, there is typically a sign-in sheet instead of a buyer agency agreement.
In other words: Walk in, grab a cookie, snoop around, zero paperwork. No agent, no signature, no commitment. Just vibes. It literally means that prospective buyers who have no agency relationship or have a signed agency relationship with a specific real estate agent can still go into the open house without their agent and without signing the contract.
Should a buyer without a buyer agency contract buy directly from the open house? The answer to this question is a resounding no! The real estate agent sitting at that open house represents the best interest of the seller, not the buyer. That agent has the best interest of the seller in mind, not you. You’ll still pay for buyer representation through Dual Agency, but do you really, truly think they can negotiate the best deal for both of you without putting their seller’s interests first?
The Buyer Agency Contract
It is a small thing, yet it comes into play when an agent is personally taking their time to drive to a property, or multiple properties, and show them to you. The agent coordinates the showing time with the other agent and seller, they show up, unlock the doors, take you on a tour, provide their expertise on the condition of the home. Think of it less like a contract and more like a “yes, we are officially doing business together and the agent puts your interests first.”
Moral of the Story
Don’t let paperwork scare you off from your dream home. Just know what you’re signing and why.
If you’d like some 1:1 assistance to guide you with your plan for buying a home in Wyomissing or another suburb of Reading, Pennsylvania, let’s chat. In a world that is far too cluttered with AI and automation, contact me directly: kate@katemurray.com
