If you're considering purchasing property, after August 15, 2024, it'll be good to know that written and signed buyer agency is required and the amount of the agent's fee must be negotiated up front, before looking at homes, proceeding to making offers and signing home purchase contracts. This is because the buyer's agency fee is being decoupled from the listing agent commission. It DOES NOT MEAN that the seller of a property can not agree to pay a fee for the buyer's agent; it only means that fee must be spelled out in the contract in the same way that repairs identified in inspections, or points paid for a loan, or a seller subsidy is expressed in the contract. So, the first step for any buyer is to sign with a buyer's agent who should be told your goals and financial plans for purchasing a home. Once a fee is agreed, a separate addendum should be prepared to go along with any offers made to clarify which side will pay the agency fee. Most Realtors(@) have access to forms some of which have been used for years to specify seller paid items, and some of which are brand new to be in compliance with the recent NAR-MLS-court confirmed settlements.
Buyers' Agents have brought expertise to help home buyers not only get inside homes listed for sale, but also to carry out inspections and decide which items should be negotiated in contracts; help in choosing mortgage lenders and compare various loan programs, and finding settlement services - for title insurance and deed recordation which best match the buyer's needs, location and timing. The listing agent holds a primary allegiance and fiduciary responsibility to their client, the seller, so they will not necessarily help a buyer find the best vendors to work with, even though they are working to bring an offer to closing. Consider the many benefits of having a buyer's agent on your side and though the rules have not really changed about who agents represent, the way agency and commissions are notated in MLS systems, and how a buyer of property engages with a buyer's agent are changing in the USA as of August 15, 2024.