The recent NAR settlement has introduced some key changes that are beneficial for you. One of the biggest updates? The new Buyer’s Agreement, which is now *required* before touring any home. Here’s what you need to know:
**Legally Binding:** The Buyer’s Agreement is a contract between you and your real estate agent, outlining the services they’ll provide and your responsibilities as the buyer.
**Agreement Duration:** Max 3 months (renewable).
**Exclusivity:** You’re committed to working with your agent during the mutually agreed agreed time period.
**Commission Clarity:** The agreement also explains how and when your agent’s commission is paid.
There’s been a CHANGE in Real Estate Commissions Post-NAR settlement, sellers can still offer compensation to your agent, but it won’t be visible on public listings anymore. The good news is concessions are allowed, and sellers can offer to cover your closing costs!
With the updated buyer’s representation agreement, everything is now crystal clear:
Your agent’s commission can be a flat fee or a percentage of the sale.
Agents are only paid what’s agreed upon, and all fees are negotiable.In today’s shifting market, having an experienced agent or team who understands these new rules and can skillfully negotiate on your behalf is essential. Make sure you’re working with the best!
Nellie Lazar | Realtor®️ | B.A., CRS, SRES, CDPE | Century 21 Select Group | CalBRE#01112786 |(209)602-7070 | www.turlockhomes.com