What is the primary purpose of a buyer broker agreement?

The primary purpose of a buyer broker agreement is to ensure that the broker earns a commission for the services provided in helping the buyer find and purchase a property. This agreement establishes a formal relationship between the buyer and the broker, outlining the broker's responsibilities and the compensation structure for their efforts in assisting the buyer throughout the home-buying process.

When a buyer engages a broker via this agreement, it provides a clear expectation that the broker will be compensated for their expertise and services once a transaction is completed. This commission structure incentivizes the broker to work diligently on behalf of the buyer, as it aligns the interests of both parties in achieving a successful deal.

While compliance with Washington law is important, the agreement itself serves a more specific purpose related to the broker's compensation in the buyer-broker relationship. Listing and marketing the buyer's property focuses on different aspects of real estate transactions, primarily when the buyer is also a property owner looking to sell. Preventing working with competing firms may be a consequence of having an exclusive agreement, but it is not the central aim of the buyer broker agreement itself. Thus, focusing on how the agreement secures the broker's commission highlights its significance in the buying process.