08/16/2024
🏡 **Attention Home Buyers!** 🏡
Starting TOMORROW, August 17th, there are some important changes coming to the home-buying process. Moving forward, all buyers will need to sign a “Buyer Representation Agreement” before touring any properties.
‼️**What Does This Mean for You?**
After August 17th, REALTORS® will be unable to show you a home without having this agreement in place. It’s now a mandatory step for anyone working with an agent.
‼️**What Exactly Am I Signing?**
The Buyer Representation Agreement is a formal contract between you and your agent, confirming that they will be representing you in your home purchase. This agreement outlines the roles, responsibilities, & duties owed to you by your agent etc. & the details of how commissions are handled. The commission stated in the agreement represents the maximum amount your agent can earn from the transaction.
‼️**Will I Be Responsible for Paying Commission?**
Possibly, but not necessarily. 🤔 The new NAR regulations prohibit the advertising of cooperating broker or buyer broker commissions on the MLS.
This means that when your agent shows you a home, there may not be an upfront understanding of how they will be compensated. However, there are various options available. Commissions are negotiable, and the seller may cover the cost, or it might be factored in as a concession or credit. In some situations, the buyer might directly cover the commission, and this will be specified in your buyer’s representation agreement.
‼️ **Why You Should Work with a Professional**
Choosing the right agent is more crucial than ever. With the upcoming changes, it’s essential to have a knowledgeable and dedicated professional guiding you through the process. As August 17th approaches, these changes will significantly impact the real estate market, making it important to align yourself with an experienced agent who can navigate these shifts with confidence.
If you have any questions or need further clarification, feel free to reach out to me at (724) 234-0206. I’m here to ensure your home-buying experience is as smooth and successful as possible. 🙌🏼
Maura Murray
The Heather Kaczorowski Team
Piatt Sotheby's International Realty
📲 (724) 234-0206
📧 [email protected]