What’s Up with new Buyer Rules?

As of August 17th, 2024, a REALTOR® who is “working with” a buyer will be required to have a written agreement with the buyer prior to touring a home.

While this is an industry change to be aware of, it benefits buyers because it clearly and transparently outlines the service an agent will provide and how they’ll be compensated. So, let’s dive into why you need one as a buyer and what you can expect from it.

A buyer representation agreement is a legally binding document that outlines the relationship between you and your buyer’s agent.

And there are benefits to having one! The written buyer agreement works to –

– Builds Trust: It promotes transparency and helps build a strong, mutually beneficial relationship with your agent.

– Provide Clarity: It provides a clear outline of the services you’ll receive, ensuring you know what to expect.

– Outline Compensation: This document will specify and disclose the amount or rate of any compensation that the buyer’s agent will receive from any source and how that amount is determined.

– Ensure Service: Inside, you’ll find out the obligations your agent has for you throughout the transaction and how they’ll prioritize your interests.

This written buyer agreement has benefits for all parties, outlines the relationship, and is now an industry standard when buying. If you have any questions about how this works or what the document looks like, please don’t hesitate to ask!