08/18/2024
New Rules….
ATTENTION HOME BUYERS
Starting August 17th, Today, ALL BUYERS must sign a "Buyer Representation Agreement" before viewing any property.
NO REALTOR will be able to unlock a door without you first signing the agreement. This will be non-negotiable for any person with a Realtor designation.
WAIT... 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 and breaking down 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.
DO I HAVE TO PAY COMMISSION?
Possibly. With new NAR rules, buyer broker commissions will no longer be displayed on MLS. This means your agent may not know if they will receive a commission from the seller until the transaction is negotiated. While commissions are always negotiable, the payment could come from the seller, either directly or as a concession to the buyer. This will be clearly outlined in the Buyer Representation Agreement.
HIRE A PROFESSIONAL AGENT:
Selecting a professional Realtor is crucial, especially with these upcoming changes.
Now, more so than ever, aligning yourself with a full-time professional Realtor will be vitally important for the success of your home purchase. Choose wisely.
Shared from another Realtor; this explains the new rules perfectly.
