06 Aug The Recent Settlement With NAR – What it Means for Buyers

The Recent Settlement with NAR.
Key Changes for Homebuyers:
Written Agreement Requirement:

Before Touring a Home: You must sign a written agreement with your agent before viewing any property.
Agreement Details: This agreement should clearly outline the negotiated terms, services provided, and the exact compensation for these services.
Compensation Transparency: The agreement must specify the agent’s compensation in clear terms (e.g., flat fee, percentage, or hourly rate) and ensure that this amount is not open-ended.
Prohibition on Excessive Compensation: Your agent cannot receive more compensation than what is agreed upon in the written agreement.
Negotiable Fees: The agreement must state clearly that broker fees and commissions are fully negotiable.
Virtual and In-Person Tours:

Written agreements apply to both in-person and live virtual tours.
No written agreement is required for general inquiries at an open house or when simply asking about an agent’s services.
Seller Compensation:

Sellers can still offer to pay your agent’s commission, but these offers will no longer be shared on MLS platforms.
Concessions:

Buyers can still receive concessions from sellers, such as help with closing costs.
What Remains Unchanged:
REALTORS®’ Ethical Obligations: Agents who are REALTORS® remain committed to working in your best interest, following the REALTOR® Code of Ethics.
Negotiable Compensation: You can negotiate compensation with your agent. It’s important to discuss and understand these terms before entering into an agreement.
Your Choices: You have the flexibility to explore various options when working with an agent, ensuring that you make informed decisions that best meet your needs.
Links to FREE Guides:
Buyers Guide – https://bit.ly/3Dtrrfd
Sellers Guide – https://bit.ly/3Dt57T5
First Time Home Buyer’s Guide – http://bit.ly/3J5VXhm

Website Links:
JenniferBonis.com – https://bit.ly/3MTaFeh

Social Links:
YouTube – http://bit.ly/3LayRss
Facebook – http://bit.ly/3yvk6ZI
Twitter – http://bit.ly/3JuYt1M
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