Purchasing a home is a significant financial decision, and having a REALTOR© as your partner can be invaluable. With the recent NAR settlement, there are important changes that directly benefit homebuyers. We want to ensure that you are fully informed about these changes and their impact on your homebuying process.
Here are the key implications of the settlement for homebuyers:
- You will need to sign a written agreement with your agent before going on a home tour.
- Prior to signing the agreement, it is essential to confirm that it reflects the terms negotiated with your agent and clearly outlines the services provided and the associated cost.
- The buyer agreement should address four crucial components related to compensation, including specific disclosure of the agent’s compensation, objective compensation terms, restrictions on receiving excessive compensation, and a statement emphasizing negotiable broker fees and commissions.
- Written agreements apply to both in-person and live virtual home tours.
- A written agreement is not necessary when simply conversing with an agent at an open house or inquiring about their services.
- While the seller may agree to compensate your agent, this cannot be shared on a Multiple Listing Service (MLS).
- These changes are designed to enhance transparency and protect the interests of homebuyers, providing you with clarity and confidence as you embark on your homebuying journey.