🏡 ATTENTION HOME BUYERS 🏡
Starting August 17th, all buyers must sign a “Buyer Representation Agreement” before entering any property.
✅ JUST SHOW ME THE HOUSE!! From August 17th, REALTORS cannot unlock a door without this signed agreement. This is mandatory for all REALTORS.
✅ WHAT DO I HAVE TO SIGN?? The Buyer Representation Agreement is a contract stating you will work with that REALTOR to buy a home. It details the roles, duties, and responsibilities of your agent, and specifies the broker commissions to be paid by you and/or the seller. The commission stated is the MAXIMUM your broker/agent can receive from the transaction.
✅ DO I HAVE TO PAY COMMISSION? Maybe, but not necessarily. With the new NAR ruling, advertising broker commissions will be banned on the MLS. Your agent might not know if they’ll be paid from the transaction. Commissions are negotiable and can be paid by the seller directly to the buyer’s brokerage or as a credit to the buyer. In some cases, the buyer may pay the commission out of pocket, as outlined in the agreement.
✅ HIRE A PROFESSIONAL AGENT Choosing an agent is crucial. The new rule and Buyer Representation Agreement are part of changes that will transform real estate transactions in the U.S.
✅ ALIGNMENT & COMMUNICATION Aligning with a full-time professional REALTOR is essential for a successful home purchase, especially with these upcoming changes.
If you have any questions, contact me at 330-347-2235.
Kellyann Miller, REALTOR
Keller Williams Elevate