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An exclusive buyer brokerage engagement agreement is a formal contract under which a buyer appoints a single broker to search for, identify, and acquire property exclusively on their behalf. The buyer commits not to use other brokers during the engagement period. The broker earns a fee, typically calculated as a percentage of the purchase price, on successful acquisition.

An engagement agreement tends to be more detailed than a basic agency form, setting out the full scope of the broker's mandate, service milestones, fee structure, reporting obligations, and termination rights. It is commonly used for commercial property acquisitions, portfolio purchases, or complex residential searches where a higher level of professional engagement is required.

Common structures include a retainer fee payable upfront to cover initial search costs, combined with a success fee on completion. The success fee is often 1% to 2.5% of the purchase price for residential property and negotiated on a case-by-case basis for commercial acquisitions. All fee arrangements must be confirmed in writing in the engagement agreement.

Under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, the broker must verify the buyer's identity using official documents and carry out source-of-funds checks before beginning any active property search. These checks are a legal requirement, not a discretionary practice, and must be completed regardless of the buyer's known status.

Yes. If the broker materially fails to carry out the agreed services, including conducting regular searches, providing written progress reports, or attending viewings as contracted, the buyer may be entitled to terminate for breach. The agreement should specify what constitutes adequate performance and the notice period required for termination to avoid disputes.

Yes. A professional broker in England and Wales owes a duty to exercise reasonable skill and care in carrying out the engagement. This duty arises under common law and may be reinforced by any professional qualifications held, such as membership of the Royal Institution of Chartered Surveyors. A well-drafted agreement can further specify the standard of service expected.

Yes, if the broker is VAT-registered in the United Kingdom. Most professional brokers operating commercially are required to register once their turnover exceeds the current VAT threshold. The engagement agreement should state clearly whether quoted fees are inclusive or exclusive of VAT. Buyers should check whether they can recover the VAT if acquiring for business purposes.

If the buyer withdraws from a transaction after the broker has identified and introduced the property, the success fee trigger may or may not have been met depending on the agreement's exact wording. Most agreements specify that the fee is earned on exchange of contracts or on completion. Withdrawal before exchange typically means no success fee is due, but a retainer already paid is non-refundable.