The written buyer agreement
Under the NAR settlement practice changes effective August 17, 2024, an MLS participant must have a written buyer agreement before touring a home. It must state a specific and objective amount or rate of compensation that is not open-ended, state that compensation is fully negotiable, and the broker may not receive more than that amount.
Verifying loan pre-approval is good practice, not the rule. The listing broker has no say in whom the buyer hires. These are MLS and association rules, not a state filing.
Worked example: the compensation cap
A written buyer agreement sets compensation at 2.5%. The buyer closes at $420,000, and the seller separately offers the buyer's broker $12,000. The agreed amount is $420,000 × 0.025 = $10,500, and the broker may not receive more than the agreed amount, so the broker accepts only $10,500. Taking $12,000 is the trap; $22,500 wrongly adds both; $1,500 is the portion declined, not received.
Georgia rule: duties while under contract
A Georgia buyer's broker is not obligated to seek additional properties while the buyer is a party to a contract to purchase, unless the engagement says otherwise, but must still timely present all offers. Going under contract does not end the engagement; in the GAR form the term runs through closing.
A buyer's broker must also timely disclose to a prospective seller all material adverse facts actually known about the buyer's financial ability to perform, and in residential transactions the buyer's intent to occupy as a principal residence, and may never knowingly give the seller false information. Not every fact about a client is confidential: this duty is affirmative and does not wait to be asked.
Worked example: the GAR extension clause
A six month exclusive buyer agreement ends August 31, 2026. The buyer is under contract July 1 to August 15 (45 days), and the broker gives proper written notice August 18, within five days of the failure and before expiration. The term extends by the 45 days spent under contract: August 31 plus 45 days is October 15, 2026.