By Katta Mapes, Realtor® SRES, CPRES
The Walter Team at Diamondback Real Estate
As of August 17, 2024, there are some important changes in the real estate world that you should be aware of if you’re planning to buy a home. Many real estate professionals will now ask buyers to enter into a written agreement before they tour a property. But don't worry if you're just going to an open house. Let's break down what you need to know!
Attending an Open House
If you’re going to an open house by yourself, you don’t need to sign any written agreement. Open houses are meant to offer potential buyers a chance to walk through a home and see if it’s what they want. If you're there without an agent, simply walking through the house and talking to the real estate professional hosting the event does not require a written agreement.
Role of the Agent
It's important to know that if an agent is hosting an open house, they are usually there to represent the seller. This means they are not obligated to ask you for a written agreement just because you attended the open house. Their primary goal is to showcase the property and help the seller.
When You Need to Sign an Agreement
You will be asked to sign a buyer agreement when you start to "work with" an agent. This typically happens after you’ve decided to receive services from them, such as getting help finding homes or scheduling viewings. Just chatting with an agent at an open house or asking about their services does not mean you need to sign anything right away.
What Does "Working With" an Agent Mean?
"Working with" an agent means that they are actively providing you with services. This can include identifying homes that fit your needs, making appointments to see those homes, or even providing virtual tours. Just remember, if you're only discussing potential properties or the agent is giving you general information without entering into a service agreement, you are not yet considered "working with" them.
Understanding Tours and Agreements
A "tour" in real estate refers to when you see a home either by visiting in person or through a virtual tour set up by your agent. If you are attending tours with an agent, this is the point where the written agreement becomes necessary. It ensures that both you and the agent have clear expectations moving forward.
Why Written Buyer Agreements Matter
The main purpose of these agreements is to provide clarity and transparency between you and your real estate professional. A written buyer agreement will outline the services the agent will provide and how they will be compensated. Before signing anything, make sure you understand the terms and only agree to what you feel comfortable with. Remember, you have the power to negotiate terms that suit you.
Getting More Information
If you want to learn more about buyer agreements and your rights as a home buyer, the National Association of Realtors (NAR) has a resource dedicated to this topic. You can visit https://www.nar.realtor/the-facts for more information and even consult with a real estate professional or attorney to better understand the laws specific to your state.
In summary, open houses are a great opportunity to explore homes without needing to sign any agreements. However, as you begin to work with an agent, be prepared to discuss and enter into written agreements that protect both you and that agent throughout the home-buying process.
Note: This blog content is a joint venture with natural and artificial intelligence
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