08/10/2024
📣 ATTENTION BUYERS 📣
Attention all prospective home buyers! Effective August 17th, it is mandatory for all buyers seeking to purchase a home to sign a "Buyer Representation Agreement" before entering a property.
✅ JUST SHOW ME THE HOUSE!!
Beginning August 17th, all Realtors will require you to sign the agreement before gaining access to a property, without exceptions for those working with a Realtor.
✅ WAIT…WHAT DO I HAVE TO SIGN?
The Buyer Representation Agreement is a contract between you and your Realtor, outlining your agreement to use their services in purchasing a home. This document defines the roles, duties, responsibilities of your agent, as well as clarifies the broker commissions to be paid by you and/or the seller. The commission specified in this agreement is the maximum compensation your broker/agent can receive from the transaction.
✅ I HAVE TO PAY COMMISSION?
Yes, but not necessarily.
Under the new NAR ruling, the disclosure of cooperating broker and buyer broker commissions on the MLS will no longer be permitted. As a result, your agent may not know if they will receive payment upon showing you a home. Commission rates are negotiable, and there are various ways for your agent to be compensated, such as direct payment from the seller to the buyer brokerage or through concessions/credits to the buyer. Occasionally, the buyer may be responsible for paying the agent's commission out of pocket, as outlined in the buyer's representation agreement.
✅ HIRE A PROFESSIONAL AGENT
Choosing the right agent when purchasing a home is a crucial decision.
As August 17th approaches, significant changes are on the horizon. The requirement for a buyer representation agreement is just one aspect of the NAR ruling that will impact the real estate market in the United States.
✅ ALIGNMENT & COMMUNICATION
More than ever, it is vital to align your interests and communicate effectively with a real estate professional.
The Xtreme Team is here to assist you.