What is the purpose of a buyer's representation agreement?

The purpose of a buyer's representation agreement is to establish the buyer's rights and obligations in a real estate transaction. This agreement creates a formal relationship between the buyer and the real estate agent, ensuring that the agent has the authority to act on behalf of the buyer in the search for a property and during negotiations.

It details aspects such as the scope of the agent's services, the responsibilities of the buyer, and the duration of the agreement. This clarity helps to protect the buyer's interests and lays out what they can expect from their agent, including fiduciary duties, the agent's commitment to finding suitable properties, and the confidentiality of the buyer's information.

The other options represent aspects related to a transaction but do not accurately capture the fundamental purpose of a buyer's representation agreement. For instance, securing the seller's commitment pertains to seller agreements, outlining the terms of the sale relates to purchase contracts, and mortgage information is typically discussed separately and not included in the representation agreement.