07/23/2024
Below are some frequently asked questions by buyers on how the new real estate regulations will impact them. The biggest and most immediate change buyers will notice is that they will have to sign a Buyer Agency Representation Agreement PRIOR to being shown ANY property starting August 17, 2024.
(1) I want to see properties this weekend, but I want to understand my options. What should I do?.....Contact the agent you have been working with or begin interviewing agents. They can still show you properties. How you work with your agent and establish your relationship is evolving. Currently, any offer of compensation to your buyer's broker can be found in the Multiple Listing Service. Starting August 17, that will no longer be the case.
(2) What changes on August 17?.....Beginning August 17, all agents will need to use a buyer representation agreement to show you properties. This practice is already in place in many markets and will now apply across the country.
(3) What is a buyer representation agreement (as defined in your state)?.....The buyer representation agreement defines the scope of work your agent is going to provide including the contract duration, services, and compensation. This means you will know the services and costs upfront with the agent you’ve chosen to represent you. Please note that ALL commissions are negotiable between the buyer and the agent.
(4) Will I have to pay my agent out of pocket?.....Not necessarily. There will be a variety of options available to you. For example, many buyers will ask the seller to credit them at settlement to pay their buyer broker fees while others will ask the sellers to pay their buyer broker fees directly.
As your dedicated real estate agent, I am here to offer invaluable guidance throughout your home-buying process, ensuring you make the best decisions when it comes to purchasing your perfect new home. Let’s find that perfect home together!
