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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:
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:
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.
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