Following the landmark settlement between the National Association of Realtors® (NAR) and plaintiffs in the Spitzer/Burnett antitrust lawsuit, significant changes have been introduced to enhance the buying experience. This settlement emerged from a desire to address concerns about the traditional ways in which REALTOR® commissions have been handled, aiming to increase fairness and clarity in real estate transactions.
Under the new guidelines, before you embark on the journey to find your new home, a Buyer Representation Agreement must be signed. This agreement outlines the responsibilities of your realtor and clarifies the commission structure, ensuring that you are fully informed and in agreement with how your agent will be compensated. Let us help you navigate your home-buying process with confidence and peace of mind.
A Buyer Representation Agreement is a contract between a homebuyer and a real estate agent, specifying the agent's responsibilities and the commission structure. This agreement must now be signed before viewing properties, as per the settlement.
The settlement mandates the use of Buyer Representation Agreements, which will require clear communication and transparency between buyers and their agents regarding compensation and services, potentially altering the traditional dynamics of real estate transactions. The Buyer's Agent commission is no longer automatically included in the purchase price.
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