The Buyer Agency Agreement
what it is, and why it protects you
Since the NAR settlement took effect in August 2024, any agent showing you homes in New Jersey needs a signed buyer agency agreement in place first. It's standard practice everywhere now, but the terms inside it are not standard, and that's where it matters who you sign with.
Why you'll be asked
to sign one
A buyer agency agreement is a written agreement that puts an agent on your side of a home purchase, representing you rather than the seller. Since the NAR settlement (effective August 2024) and current NJ real estate practice, agents are expected to have one signed before touring homes with you. This applies industry-wide, it isn't a Wu Team requirement, it's the rule everyone now works under.
What varies enormously is the fine print: how long the agreement locks you in, whether it's exclusive to one agent, and how hard it is to walk away if the fit isn't right. That's the part worth reading closely before you sign anything.
Common terms
vs how we do it
| Term | Common elsewhere | The Wu Team |
|---|---|---|
| Length of commitment | 3-6 months, exclusive | Same day-to-day representation, but cancel with 1 day's notice |
| Canceling early | Often requires a reason or a wait-out period | Cancel any time, no questions asked |
| Just want to see one house? | Usually the same broad agreement | Property-specific agreement available, common for first-time buyers |
| Cost to sign | None | None, compensation is handled separately and explained upfront |
A formality,
not a lock-in
Many agents use the agreement to lock you into a 3-6 month exclusive commitment before you've had any real chance to see how they work. We think that gets the order of operations backwards, you should decide you want to keep working with us because the service earned it, not because a form makes leaving inconvenient.
So our agreement allows 1-day cancellation at any time, no questions asked. If you're a first-time buyer who just wants to tour a single home before committing to anything longer, we'll write a property-specific agreement scoped to that one showing. The agreement itself is a compliance formality, not a relationship we're trying to pressure you into before you're ready.
Questions before
your first showing?
If you're about to start touring homes anywhere in Greater Princeton and want to understand what you'd be signing, or want a property-specific agreement for a single first showing, call or text Charlie Wu at (609) 375-5677, message us on WeChat njrealtor168, or reach out here. We'll walk through the terms before you sign anything.
Buyer agency agreement
FAQ
Do I need to sign a buyer agency agreement?
Yes, a signed buyer agency agreement is now standard practice under current NJ real estate rules and the NAR settlement (effective August 2024). Any agent you work with will need one in place before showing you homes. Many agents will lock you into 3-6 month exclusive commitments before you have any sense of whether they're the right fit. We don't do that. We're confident enough in our service that we allow 1-day cancellations at any time, no questions asked. We accommodate first-time buyers with property-specific agreements as well. The agreement is a formality; it is not our goal to pressure you into a relationship with us before you're ready.
What is a buyer agency agreement?
It's a written agreement that establishes an agent as your representative, working on your side of a home purchase rather than the seller's. It typically covers the length of the representation, the towns or property types it applies to, and how compensation is handled. Since August 2024, agents are expected to have one in place before touring homes with a buyer.
Does signing a buyer agency agreement cost me anything?
No. Signing the agreement itself has no cost. It defines representation, not a fee you owe out of pocket. Buyer-agent compensation is negotiated as part of each transaction, most often paid through the deal itself, and we walk you through exactly how that works before you sign anything.
Can I cancel a buyer agency agreement with The Wu Team?
Yes. We use a 1-day cancellation term rather than the 3-6 month exclusive lock-ins common elsewhere. If we're not the right fit, you can cancel with a day's notice, no questions asked.
I just want to tour one house. Do I need a long-term agreement?
No. We offer property-specific agreements scoped to a single home or showing, which is common for first-time buyers who want to work with an agent before committing to a longer relationship.
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real estate?
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