08/13/2024
Everyone is asking, so here's the run down....
Changes are coming for home buyers and August 17th is just around the corner.
Please take a moment to read the information below carefully. Don’t hesitate to ask questions, and remember to be kind to your Realtor—this is new for us too!
🏡 ATTENTION HOME BUYERS 🏡
Starting August 17th, all home buyers must sign a "Buyer Representation Agreement" before stepping into any property.
✅ JUST SHOW ME THE HOUSE!!
From August 17th onward, no Realtor will be able to unlock a door without you signing this agreement first 🤯 This is non-negotiable for anyone with a Realtor designation.
✅ Wait…WHAT DO I HAVE TO SIGN??
The Buyer Representation Agreement is a contract between you and your Realtor. It outlines the roles, duties, and responsibilities your agent owes you, including the broker commission, which may be paid by you and/or the seller. The commission specified is the MAXIMUM amount your broker/agent can receive.
✅ I HAVE TO PAY COMMISSION?
Maybe yes, maybe no… 🤔
With the new NAR ruling, MLS will no longer show cooperating broker and buyer broker commissions. This means your agent might not know how they’ll be compensated when showing you a home. Commissions are negotiable and can be covered by the seller or through buyer concessions. In some cases, buyers may need to pay the commission directly, as outlined in the buyer's representation agreement.
✅ HIRE A PROFESSIONAL AGENT
Choosing the right agent is more important than ever.
August 17th will bring many changes behind the scenes, and the new buyer representation agreement is just one part of the NAR ruling that will reshape the real estate landscape in the U.S. 🇺🇸
✅ ALIGNMENT & COMMUNICATION
Now, more than ever, aligning with a professional Realtor will be key to a successful home purchase.
