Navigating the homebuying process just got a bit more formal, and we understand you might have questions. As your trusted real estate professionals, we want to be transparent about why this change is necessary and how it impacts you.

Why the New Requirement?

Due to a recent settlement involving the National Association of REALTORS® (NAR), all homebuyers must now sign a written agreement with their agent before touring a home. This applies to both in-person and live virtual tours. This change is designed to ensure transparency and protect your interests by clearly outlining the services provided and the associated costs.

What Does This Mean for You?

  1. Clarity and Transparency: The agreement will detail the compensation your agent will receive, ensuring there are no hidden fees or surprises. It also confirms that broker fees and commissions are fully negotiable.
  2. Protecting Your Interests: By having a clear written agreement, both you and your agent will have a mutual understanding of the services provided and the terms of compensation.
  3. Compliance and Avoiding Penalties: Real estate agents are now required to follow this process to comply with NAR regulations and avoid significant penalties. Failing to secure a buyer agreement before showing a property can result in fines ranging from $500 to $15,000 and potential suspension from MLS services. This ensures that agents adhere to ethical standards and provide the best service possible.

Addressing Your Concerns

We understand this additional step might seem like a hassle and could make the process feel more cumbersome. However, this paperwork upfront ensures that all parties are on the same page from the beginning, fostering trust and clear communication.

At the end of the day, our goal is to make your homebuying experience as smooth and positive as possible. By adhering to these new requirements, we are committed to providing you with transparent, ethical, and high-quality service.

For more details on these changes and what they mean for you, feel free to reach out to us or visit NAR’s official site.

Thank you for your understanding and cooperation as we navigate these new regulations together. Let’s make your homebuying journey a successful and informed one!