What typically happens when a buyer agency agreement is signed?

When a buyer agency agreement is signed, the agent gains the authority to negotiate on the buyer's behalf. This agreement establishes a formal relationship between the buyer and the agent, allowing the agent to represent the buyer's interests in real estate transactions. The agent is expected to act in the best interest of the buyer, which includes negotiating terms, prices, and conditions related to the purchase of property.

This relationship is crucial as it defines the fiduciary duties owed to the buyer, such as loyalty, confidentiality, and full disclosure. It's through this agreement that the agent can effectively advocate for the buyer, utilizing their expertise and resources to help the buyer make informed decisions in the real estate market.

The other options do not accurately reflect what occurs with the signing of a buyer agency agreement. For instance, the buyer is not legally bound to purchase property at this point; rather, they are entering a partnership where the agent will assist them throughout the buying process. Additionally, the agent does not become the seller's representative; instead, they are specifically engaged to represent the buyer's interests. Lastly, there is no requirement for the agreement to be recorded with the county, as recording typically pertains to property deeds rather than agency contracts.