07/03/2024
You might have seen some similar posts in the last day or so, but I want to make sure that my friends, clients, and future clients have a basic understanding of the new rules that went into effect yesterday for agents and buyers.
Iām not changing my business model or my practice of providing exceptional service at all, but there is now some new paperwork required before I can show a house to you. If you have any questions about this, please reach out to me because Iād be happy to explain it.
Effective Monday, July 1, 2024, in the State of Iowa, a licensed real estate Agent cannot legally show properties to potential Buyers unless they have signed a Buyer Brokerage Agreement ("Agreement"). This new requirement is not negotiable (the only exception is when the Agent is hosting an open house).
The Agreement is a contract between the potential Buyer and their Agent for brokerage services as related to the purchase (or lease) of real property. The Agent agrees to specific duties, obligations and responsibilities in the best interest of the Buyer and, in turn, the Buyer agrees to their own set of obligations and commitments.
These Agreements are not uncommon in the real estate industry and the terms are always negotiable. Compensation and Fees are not set by law, but are negotiated between the Buyer and their Agent. The terms include, but are not limited to, the start and termination dates, the brokerage services provided and the compensation to be paid for those services.
When selecting an Agent, you may seek a valuable referral from a friend or business partner; however, we always encourage you to take the time to interview the Agent and make an informed decision. You will want an Agent who will prioritize your interests, has extensive knowledge of the local market, understands the various contracts and deadlines, and is responsive to your calls or texts.
Jean OāNeill
Realtor
RE/MAX Precision
9705 Chambery Blvd, Ste 100
Johnston, IA 50141
[email protected]
515-556-0504
Licensed to sell Real Estate in Iowa