08/07/2024
📣 ATTENTION BUYERS 📣
On August 17th, all buyers looking to purchase a home, MUST sign a "Buyer Representation Agreement"- prior to walking into a property.
✅ JUST SHOW ME THE HOUSE!!
Starting August 17th, NO REALTOR will be able to unlock a door without you first signing the agreement 🤯 This is non-negotiable for any person with a Realtor designation.
✅ WHAT DO I HAVE TO SIGN??
The agreement between buyer and Realtor is a Buyers Representation Agreement, the contract between you and that realtor stating you will be using them to buy a home. It spells out the roles, duties and responsibilities owed to you by your agent etc. This form also spells out what broker commission are to be paid by you and/or the seller. Whatever commission is on this agreement is the MAXIMUM commission your broker/agent can receive out of the transaction.
✅ I HAVE TO PAY COMMISSION?
Well yes…but maybe no:
With the new NAR ruling, advertising commissions will now be BANNED on the MLS.
So, now when your agent shows you a home, they may likely not have any idea if they are going to get paid from the transaction. Commissions are always negotiable of course, and there are a number of ways your agent can get paid:
• By the seller - either in the form of direct compensation to Buyer brokerage - or as a form of concession/credit to buyer.
• In some cases, the buyer will be paying the commission for their agent out of pocket and this will be spelled out in the buyer's representation agreement.
✅ HIRE A PROFESSIONAL AGENT
On 8/17/24, a lot of changes will happen behind-the-scenes. This new rule with a buyer representation agreement is just one facet of the NAR ruling which will change the landscape of how real estate is sold in the United States. 🇱🇷
✅ ALIGNMENT & COMMUNICATION
Now, more so than ever, aligning yourself with a professional realtor will be important for the success of your home purchase.
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