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Understanding Written Buyer Agreements
Understanding Written Buyer Agreements: Enhancing Clarity and Transparency for Homebuyers
As a homebuyer, having a clear understanding of the services your real estate agent provides and how they are compensated is crucial. Starting August 17, 2024, new policy changes will require real estate professionals to enter into written buyer agreements with buyers before touring any homes. This agreement, whether for in-person or virtual tours, ensures transparency and sets clear expectations for both parties.
Here’s a breakdown of what these written buyer agreements will entail and why they matter to you as a homebuyer.
Key Benefits of Written Buyer Agreements
Written buyer agreements are designed to benefit you by clearly outlining the services your real estate agent will provide and detailing how they will be compensated. These agreements help to avoid misunderstandings and ensure that both you and your agent are on the same page from the start.
Mandatory Provisions for Buyer Agreements
According to the new policy changes, written buyer agreements must include the following mandatory provisions:
- Clear Disclosure of Compensation:
- The agreement must specify and clearly disclose the amount or rate of any compensation the real estate professional will receive from any source, or how this amount will be determined.
- The compensation amount must be objectively ascertainable and not open-ended (e.g.,
irinaandjeffshoket.com/understanding-written-buyer-agreem...
Understanding Written Buyer Agreements
Understanding Written Buyer Agreements: Enhancing Clarity and Transparency for Homebuyers
As a homebuyer, having a clear understanding of the services your real estate agent provides and how they are compensated is crucial. Starting August 17, 2024, new policy changes will require real estate professionals to enter into written buyer agreements with buyers before touring any homes. This agreement, whether for in-person or virtual tours, ensures transparency and sets clear expectations for both parties.
Here’s a breakdown of what these written buyer agreements will entail and why they matter to you as a homebuyer.
Key Benefits of Written Buyer Agreements
Written buyer agreements are designed to benefit you by clearly outlining the services your real estate agent will provide and detailing how they will be compensated. These agreements help to avoid misunderstandings and ensure that both you and your agent are on the same page from the start.
Mandatory Provisions for Buyer Agreements
According to the new policy changes, written buyer agreements must include the following mandatory provisions:
- Clear Disclosure of Compensation:
- The agreement must specify and clearly disclose the amount or rate of any compensation the real estate professional will receive from any source, or how this amount will be determined.
- The compensation amount must be objectively ascertainable and not open-ended (e.g.,
irinaandjeffshoket.com/understanding-written-buyer-agreem...