By Katta Mapes, Realtor® SRES, CPRES
The Walter Team at Diamondback Real Estate
If you’re in the process of buying a home and are working with a real estate agent who is a REALTOR®, you’re already taking an important step toward ensuring a smooth homebuying experience. Starting August 17, 2024, is now asked to sign a written buyer agreement as part of their relationship with their real estate professional. This may feel new and a bit intimidating but understanding what this agreement means can clarify its purpose and benefits.
So, what exactly is a “written buyer agreement”? In simpler terms, it's a contract between you and your real estate professional. This document clearly outlines the services that your agent will provide and how they will be compensated for their assistance. It’s a way to make your expectations and your agent’s responsibilities clear from the very beginning.
You might wonder why this agreement is necessary in the first place. The introduction of this written buyer agreement comes from a nationwide requirement established by the National Association of REALTORS® following litigation related to broker commissions. Essentially, it aims to protect consumers by ensuring that both parties understand the terms of their engagement. At Diamondback Real Estate we have been using written agreements since we started.
You might have heard of agreements like this before, but if you haven’t, don’t be alarmed! While some states have had similar requirements for years, this new nationwide standard means that soon everyone will be on the same page. Your specific agreement may differ slightly from those used in other states, but the core purpose remains the same: transparency and clarity.
One of the best parts about these agreements is that they are negotiable. You have every right to discuss and adjust terms with your real estate professional. Whether it's the duration of the agreement or how much compensation they will receive, you can shape the contract to suit your needs. Just make sure that any compensation details are clearly defined—no vague terms or open-ended amounts. A well-defined contract helps prevent misunderstandings later on.
These agreements can truly benefit you as a homebuyer. By clearly detailing the services you can expect from your agent, you’ll likely feel more at ease throughout the process. It reduces ambiguity and ensures that you and your real estate professional are aligned in your goals.
You’ll need to sign this written buyer agreement before your REALTOR® takes you on any home tours—either in-person or virtually. However, if you’re just casually visiting an open house or initially inquiring about services, signing is not required at that stage.
Another common question is whether signing the agreement means you will have to pay your real estate professional out of pocket. Not necessarily! The agreement outlines how your agent will be compensated, and there are opportunities to negotiate fees with the seller. This flexibility is an important aspect of homebuying.
Finally, it’s worth noting that you can change or even exit an agreement if both you and your real estate professional agree to do so. Just be sure to read the details carefully to understand any conditions for making changes.
For more information on this topic, visit https://www.nar.realtor/the-facts . Remember, as your real estate professional I am here to help you navigate the homebuying process, so don’t hesitate to ask me any questions you might have! By understanding and engaging with the written buyer agreement, you're taking steps toward a more informed and confident home purchase.
Note: This blog content is a joint venture with natural and artificial intelligence
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