New Rules for Buyers

Photo by realtor.com

Did you know that you are now required to sign an agreement with your Realtor before touring a home? As of August 17, 2024, the National Association of Realtors now requires all Realtors to have their buyers sign an agreement BEFORE entering a property. There are 3 agreement options for buyers. If you're not currently working with a Realtor and want to know more, we are happy to help explain the new process.

Buyer Agreement Option 1: Exclusive Buyer Agency
-Will only work with one Realtor for a certain amount of time
-Specify an area to look (city, county, certain neighborhood, address, etc.)
-Agreement will specify how much you will pay your Realtor, allowing for you to include in an offer that the seller pay the Realtor fee

Buyer Agreement Option 2: Non-Exclusive Buyer Agency
-Will work with more than one Realtor for a certain amount of time
-Specify an area to look (city, county, certain neighborhood, address, etc.)
-Agreement will specify how much you will pay your Realtor, allowing for you to include in an offer that the seller pay the Realtor fee

Buyer Agreement Option 3: Non-Agency Buyer Agreement
-Will NOT be represented by a Realtor
-This one would usually be signed if the Realtor is the listing agent.
-Agreement will specify how much you will pay your Realtor, allowing for you to include in an offer that the seller pay the Realtor fee