08/14/2024
‼️IMPORTANT UPDATE FOR HOME BUYERS ‼️
Starting August 17th, before viewing any homes, you’ll need to sign a “Buyer Representation Agreement.”
✅ JUST SHOW ME THE HOUSE!
After August 17th, Realtors will be required to have you sign this agreement before they can grant access to any property. This rule applies to all Realtors without exception.
✅ WHAT EXACTLY AM I SIGNING?
The Buyer Representation Agreement is a contract between you and your Realtor that outlines the responsibilities and duties your agent has towards you. It also covers the broker’s commission, which could be paid by either you or the seller. The commission specified in the agreement is the maximum amount your broker/agent can receive from the transaction.
✅ DO I HAVE TO PAY THE COMMISSION?
Possibly, but it depends… 🤔
With the recent NAR decision, the MLS will no longer show cooperating broker and buyer broker commissions(effective 8/14/2024–Today). This means your agent may not always know if they’ll be compensated for showing you a home. Commissions are always negotiable and can be covered by the seller or through buyer concessions. In some instances, buyers might need to pay the commission directly, as detailed in the buyer’s representation agreement.
✅ CHOOSE A PROFESSIONAL AGENT
Selecting a skilled agent is more crucial than ever.
August 17th is fast approaching, bringing significant changes to the real estate market. The new buyer representation agreement is just one part of the broader changes due to the NAR ruling, which will reshape how homes are bought and sold across the U.S.
