Buyer broker agreements and commissions in Miami for 2026

Last updated: July 2026

If you plan to tour homes with an agent in Miami, you will sign a written buyer broker agreement first. Since the National Association of REALTORS practice changes took effect on August 17, 2024, an agent must have a signed written agreement with you before showing a home, and that agreement has to state, in plain terms, how the agent is paid and how much [1]. The same settlement stopped offers of buyer-agent compensation from being published on the MLS [1]. In practice this means the buyer broker agreement Miami buyers sign is now where compensation is set, and the amount is negotiable and not fixed by law. This post explains what the agreement covers, how buyer-agent pay actually works after the settlement, how seller concessions fit in, and how to underwrite the cost as a line item in your purchase.

What changed, in two rules

The settlement that reshaped agent compensation reduced to two practice changes that matter for a buyer.

First, written agreements come before touring. A broker providing services to a buyer must enter a written buyer agreement before the buyer tours a home, whether in person or virtually [1]. The agreement has to disclose the amount or rate of compensation to the buyer's agent, state it as an objective figure such as a flat fee or a percentage, and include a conspicuous statement that fees are fully negotiable and not set by law [1].

Second, compensation left the MLS. Offers of buyer-agent compensation can no longer be posted on a Multiple Listing Service [1]. Compensation can still be negotiated off-MLS between the parties, but it is no longer advertised to buyer agents through the listing feed [1].

The settlement received final court approval on November 27, 2024, alongside a $418 million payment by NAR, so these are settled rules rather than a proposal [2]. More than a year in, the market has largely absorbed them, and signing an agreement up front is now routine across Miami-Dade.

What a Florida buyer broker agreement actually says

Florida REALTORS publishes standard buyer brokerage forms, and Miami brokerages use versions of them [3]. The core terms you should read closely are these.

Compensation. The dollar amount or percentage your agent will be paid, stated as an objective figure. This is the number to focus on, because it is the one you are agreeing to.

Source of payment. Whether you pay the agent directly, the seller pays through a concession, or some combination. If a seller contribution falls short of the agreed amount, the agreement governs who covers the difference.

Term and scope. How long the agreement runs and whether it is exclusive. A shorter term or a single-property tour agreement limits your commitment while you decide on an agent.

Negotiability. Florida forms restate that fees are negotiable and not set by law [3]. That statement is not boilerplate to skip past. It is the point.

How buyer-agent compensation is negotiated now

Because compensation is no longer broadcast on the MLS, it is set through direct conversation before you tour. A few structures are common.

A percentage of the purchase price is still widely used. A flat fee is a fixed dollar amount regardless of price. An hourly or per-tour arrangement ties pay to work performed. Any of these is permitted as long as the figure is objective and disclosed in the agreement [1].

There is no standard or customary rate, and no rate is set by law. Commissions have always been negotiable, and the settlement made that statement mandatory in the paperwork [1][3]. If someone quotes you a rate as "standard," treat that as a starting point for negotiation, not a fixed price.

If you want to compare structures and terms before you commit, that is a normal conversation to have first. You can talk it through at a buyer consultation before signing anything.

Seller concessions and offers of compensation

A seller can still contribute toward your agent's fee. What changed is where that offer lives. It is no longer advertised on the MLS, so it is handled through negotiation and written into the purchase contract as a seller concession [1].

Mechanically, you and your agent decide on the compensation in your buyer agreement, then your offer can ask the seller to cover some or all of it as a concession. If the seller agrees, the contribution flows through closing. If the seller declines or offers less than your agreed figure, the buyer agreement determines who pays the remainder [3]. This is why the source-of-payment term matters: it decides your exposure when a seller pays nothing.

Concessions are negotiable like any other contract term. In a market with more inventory and longer days on market, sellers may be more open to them. In a competitive segment, a concession request competes against price and other terms in the eyes of the seller.

How a Miami buyer should underwrite the cost

Treat buyer-agent compensation as a known line item, not a surprise at closing. A simple way to underwrite it:

Start with the figure in your buyer agreement, whether a percentage or a flat fee. Estimate the seller concession you can realistically negotiate for the specific property and segment. The gap between the two is your out-of-pocket exposure, and you plan for it as cash needed at closing.

This matters in Miami because buyers already carry meaningful closing costs beyond the agent fee. Buyer-side closing costs commonly run in the low-single-digit percentage of the purchase price for loan, title, and due-diligence items, and agent compensation now sits alongside them as an explicit cost you negotiate [4]. Folding it into your total cash-to-close math keeps your budget honest.

Two other Miami-specific factors belong in the same underwriting. Property insurance and, in coastal or condo settings, association and assessment costs can move your carrying budget more than the agent fee does. Keeping every cost in one view, rather than solving for compensation in isolation, is the underwriting discipline.

If you want to see how this looks against current inventory in a specific area, browse recent write-ups on the blog or start the conversation directly.

Frequently asked questions

Do I have to sign a buyer broker agreement before I can see homes in Miami?

Yes, if an agent is showing you the home. Since August 17, 2024, a broker must have a signed written agreement with you before touring a property [1]. You can keep the term short or limited to a single tour while you decide on representation.

Is the commission rate set by law?

No. There is no rate set by law and no official standard rate. Compensation is negotiable, and Florida forms state this explicitly [1][3]. Any quoted figure is a starting point.

Can the seller still pay my agent?

Yes. Sellers can still contribute toward buyer-agent compensation. The offer is negotiated directly and written into the contract as a concession rather than advertised on the MLS [1].

What happens if the seller pays less than my agreed fee?

Your buyer agreement governs the difference. If a concession falls short of the figure you agreed to, the agreement determines who covers the remainder, which is why the source-of-payment term is worth reading closely [3].

Where can I get the current forms and figures?

Use primary sources. Florida REALTORS publishes the standard buyer brokerage forms, and NAR maintains the settlement facts [1][3]. For your own transaction, confirm current figures with your agent and closing agent, and see the FAQ for more.

If you want to walk through a buyer brokerage agreement line by line before you sign, that is a normal conversation to have on a buyer consultation.

Gabriel

Sources

[1] National Association of REALTORS: What the NAR Settlement Means for Home Buyers and Sellers

[2] Florida Realtors: Judge Grants Final Approval of NAR Settlement

[3] Florida Realtors: NAR Settlement Buyer Broker Agreements FAQs

[4] Consumer Financial Protection Bureau: Understanding closing costs and the Loan Estimate

Gabriel

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Gabriel A. Moyers, PA. eXp Realty. Florida License #3407280. Equal Housing Opportunity. This article is general information as of July 2026 and is not legal, tax, or financial advice. Verify current figures against authoritative sources before acting.