Notice Regarding New Ruling for Homebuyers and Sellers
As a result of the proposed National Association of Realtors settlement, many changes in the real estate industry are being implemented affecting consumers and Realtors.
Effective August 6, 2024, if you are a homebuyer and your Realtor® is using a Multiple Listing Service (MLS) to research properties for purchase on your behalf and work with you through a transaction to successful closing, you will need to sign a written agreement with your Realtor (buyer broker or listing broker) BEFORE touring homes.
The purpose of this agreement is so you understand exactly what your working relationship is, roles and expectations, what services will be provided, and the fee for those services.
This agreement is called an Exclusive Buyer Brokerage Agreement and is mandated by the National Association of Realtors to provide consumers transparency and full disclosure.
Written agreements are required for both in-person and live virtual home tours. You do not need a written agreement if you are just speaking to a Realtor® at an open house or asking them about their services.
Realtor compensation from homebuyers and/or sellers continues to be fully negotiable. Realtors are skilled, educated professionals who are guided by ethics, rules and legislation, and whose time, experience and responsibility are to help you with your home purchase from beginning to end and beyond.
When interviewing a Realtor® to work with, ask questions about representation, their services, duties, compensation, about the written agreement, and the benefits to you.
Information provided by:
Christine Pope, PLLC, BA, C2EX, SRS, PSA
Licensed Florida Realtor®
Cell: 941-685-5565
Email: [email protected]
Web: www.ownsarasota.com
YouTube: www.youtube.com/@christinepope
Insta: www.instagram/christine_pope_sarasota
Keller Williams on the Water Sarasota
1549 Ringling Blvd., 6th Floor
Sarasota, FL 34236