What is Buyer Agency?
Virginia's agency statute defines agency as "any relationship in which a real estate licensee acts for or represents a person by such person's express authority (in writing) in a real estate transaction. This definition has been recently revised to include representation of a client as a standard agent or limited service agent (fee for service). Subagency is the default agency relationship if the Buyer does not give the Buyer Broker express authority to act on their behalf."
In a nutshell, Buyer Agency exists when a Buyer gives a Broker express written authority to act on their behalf. Without this authority, the agent is automatically a "subagent" of the Seller.
In the past, all real estate agents worked on the Seller's behalf no matter what. The Listing Agent represented the Seller, and any cooperating agents bringing Buyers to the property acted as subagents of the Seller, and in the Seller's interest-- there was no representation for buyers.
Today, as in the past, Listing Agents continue to obtain Sellers' express written authority to act on their behalf through Listing Agreements.
So, it makes sense that Buyer's Agents should obtain Buyers' express written authority to act on their behalf through Buyer Agreements.
It is important to me that my clients receive full representation. My agency relationship with you will be established in writing. For my part, it requires that I give you Information, Reasonable Care, Obedience, Negotiation, Confidentiality, Loyalty, Accounting (of all funds), Disclosure, and Diligence. That's why I call it my IRONCLADDTM Guarantee.
I only ask for Loyalty of the Buyer in return.
The Buyer Agreement describes the agency relationship, fees, and compensation. A copy of the Buyer/Broker Agreement can be viewed here.