Frequently Asked Questions

On March 15, 2024, the National Association of Realtors reached a legal settlement that will require real estate professionals and buyers to enter into written agreements with buyers before touring a home starting on August 17, 2024. These written agreements must include:

• A specific and conspicuous disclosure of the amount or rate of compensation the real estate agent will receive or how this amount will be determined.
• Compensation that is objective (e.g., $0, X flat fee, X percent, X hourly rate)—and not open-ended (e.g., cannot be “buyer broker compensation shall be whatever the amount the seller is offering to the buyer”).
• A term that prohibits the agent from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and 
• A conspicuous statement that broker fees and commissions are fully negotiable and not set by law.

New York State law now dictates that an agent cannot show a property listed in MLS  without a signed Buyer's Agreement. Unless we have a signed agreement, we will be breaking the law. We don't like it either. 

Not necessarily! 

Many home sellers are offering “seller concessions” to buyers to help cover expenses like closing costs. Buyers may choose to use these concessions to pay the buyer’s agent fee. The buyer’s agent fee can also be paid:

• Through a portion of the listing broker’s compensation
• Concession from the seller
• Fixed-fee commission paid directly by consumers

Yes!  That is one of the ways that a buyer’s agent can receive compensation. 

Absolutely!

Even though sellers are no longer allowed to offer broker fees to buyer’s agents through MLS, they are absolutely permitted to tell agents and buyers if the seller is willing to offer a concession and what that amount will be prior to you touring a home. In fact, REALTORS® must provide this information to potential buyers under NAR’s Code of Ethics.

As noted above, buyer’s agent fees are negotiable! However, this office typically reaches an agreement to act as a buyer’s agent around 2% of the final sale price of the home.

Of course! Buyers are free to work with any agent that they feel comfortable with and House Finch Realty does not require an exclusive representation agreement. If you like working with us that's great! But we won't lock you into an agreement, it just doesn't seem fair. 

Working with the seller's agent is always an option. If both sellers and buyers are OK with that arrangement you will need to sign a Dual Agency Agreement and a Buyer's Agreement with that agent that details their amount of compensation.