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New Buyer Agreement Law Effective 8/1/24:
What You Need
to Know
Starting August 1, 2024, new real estate laws require a signed buyer agreement before any home viewings. This change aims to enhance transparency and protect your interests as a homebuyer.
A buyer agreement is a legal contract between you (the buyer), a real estate agent and its firm. Ex: an agent with Key & Home Realty. It outlines the agent's duties, the duration of the agreement, and how the agent will be compensated. This ensures that your agent is fully dedicated to representing your best interests throughout the home-buying process.
The law was updated to address concerns about hidden fees, unclear agent responsibilities, and potential conflicts of interest. Key drivers for the change include:
- Transparency: Ensuring you know how your agent is compensated and what services are provided.
- Consumer Protection: Providing clear information about your rights and the agent's duties.
- Avoiding Conflicts of Interest: Prohibiting dual agency to ensure undivided loyalty to the buyer.
Understanding and signing a buyer agreement is crucial for several reasons:
- Informed Decisions: Clear information about your agent’s compensation and responsibilities helps you make better decisions.
- Fair Representation: Your agent is solely focused on your best interests, providing dedicated service.
- Clarity and Confidence: Knowing the terms of your agreement helps reduce stress and ensures a smoother home-buying experience.
For Buyers: The agreement ensures transparency, protects your interests, and provides dedicated representation.
For Sellers: The agreement promotes fair competition and clear commission structures.
Moving Forward with Confidence
At Key & Home Realty, we are committed to guiding you through these new regulations with ease. Our goal is to ensure you feel informed, protected, and confident every step of the way.
If you have any questions or need further clarification, please don’t hesitate to reach out. We’re here to help you make the best decisions for your real estate needs.
At Key & Home Realty, we prioritize transparency and integrity. We strive to answer all your questions and work diligently on your behalf. Feel free to contact us for more information about the new buyer agreement requirements or any other aspect of the home-buying process.
If you would like to review the complete NAR Settlement for Home Buyers or Home Sellers, we have included them in the next sections.
