What does “Buyer Agent First Showing Only” mean (on the MLS listing sheets)?
This is a condition often laid down by listing agents in MLS listings. It simply means that if you saw a property for the first time with a listing agent (does not include open houses), and if you then engaged a buyer agent to negotiate for you and to evaluate the property, this buyer agent would not be given a co-broking commission by the listing agent. In such a situation, the buyer would have to compensate the buyer agent. If you’ve been working all along with a buyer agent, the problem does not arise. Some have questioned the legality of this, since the buyer should have a right to full representation, with the counsel and advice that a buyer agent can provide. It hasn’t been tested in the courts, but some experts in real estate law believe it will be shot down if it is.
