What happens when a Buyer's Agent has a Buyer's Agency Agreement?
The Buyer’s agent “May” ask for a higher commission only if they have a buyer’s agency agreement signed in advance AND submitted with the offer that guaranteed them a higher commission.
“This revision allows greater flexibility for sellers when listing a property, while affording buyers and buyer’s brokers a vehicle for negotiating the compensation for the buyer’s broker’s services (if no SOC is offered),” NWMLS said.
Buyer May Request Seller to Pay Buyer's Commission Obligation. Only if the buyer so requests as a condition of a written buyer
representation agreement, the selling office may negotiate on behalf of the buyer to obtain the seller's agreement to pay the buyer's commission obligation to the selling office, to the extent that obligation exceeds the published selling office commission. The selling office shall provide a copy of the buyer representation agreement to the listing office prior to or at the time of negotiating.
The Seller still has no obligation to agree to pay the higher commission, and as the buyer’s agent works solely for the buyers benefit it may fall to the buyer themselves to make up the difference in the offered commission and the commission amount guaranteed in the buyer’s agency agreement.