Following the NAR $418 million settlement, NYC buyers must now sign a written representation agreement before the first showing, not after. Here is what that agreement means, what to watch for, and why it actually protects you.
This is not just paperwork. It explains who represents you, how long the relationship lasts, what services are included, and how compensation is handled. Buyers should understand it before the first serious showing.
In my 25+ years representing NYC buyers, I believe a clear agreement helps both sides. The buyer knows what I am responsible for, and I know I can invest real time in the search, pricing analysis, and offer strategy.
What the Agreement Usually Covers
| Term | Why It Matters |
|---|---|
| Scope of representation | Defines whether the agent represents you for a property, area, or time period |
| Duration | Shows when the agreement begins and ends |
| Compensation | Explains how the buyer broker may be paid and from what source |
| Exclusivity | States whether you are working only with that agent during the term |
| Buyer duties | Covers communication, accurate information, and transaction cooperation |
Active NYC Listings
Currently available properties across NYC
110 Cabrini Boulevard #CH1
Hudson Heights
429 RALPH Avenue
Crown Heights
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
What Buyers Should Ask Before Signing
- 1.How long does this agreement last?
- 2.Is it limited to one property or broader than that?
- 3.How is compensation handled if the seller offers no buyer-side compensation?
- 4.What work will the agent do before and after an accepted offer?
- 5.How can either side end the agreement if the relationship is not working?
Why It Can Protect the Buyer
A good buyer agent does more than open doors. They review comparable sales, property type risks, building financials, offer structure, board package timing, attorney coordination, and closing cost questions. The agreement makes that advisory role clear.
Before touring, read the NYC buyer guide and the closing costs guide. If your search includes apartments, add the co-op vs. condo guide.
Want the Numbers Checked Before You Tour?
Milton Coste, Licensed Real Estate Associate Broker with Keller Williams NYC, can help you compare property type, price range, and cash-to-close before you spend weeks on the wrong purchase path for buyer representation.
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