Understanding the new Real Estate Rules

As of August 17, 2024 the law says you’ll need to sign a written Buyer Agreement which outlines the services your Realtor will provide and the compensation for those services.

What does a written Buyer Agreement Do?

The written Buyer Agreement outlines the services your real estate professional will provide you, and what they will be paid for those services.

Are these agreements negotiable?

Yes!  You should feel empowered to negotiate any aspect of the agreement with your real estate professional, such as he services you want to receive, the length of the agreement and the compensation, if any.  Compensation between you and your real estate professional is negotiable not set by law.

When do I need to sign an agreement?

Before “touring” a home with a real estate professional, either “in-person” or “virtually”.  If you are simply visiting an open house on our own or asking a real estate professional about their services, you do not need to sign an agreement.

Can I change or exit an agreement?

Yes!  You and your real estate professional can mutually agree to change your agreement.  Check your agreement for conditions on how to exit.

For more information on Buyer Agreements Please go to:

https://www.nar.realtor/the-facts#consumer-guides