New Buyer Agreement Forms - What it means for you.

[James Lucenti]

While buyers and their agents have always had the option to enter into a written agreement, it is now mandated that this happen prior to touring a home. This applies to all real estate agents and buyers. The agreement must stipulate the amount of compensation your agent will receive for their work. The compensation amount must be written in an object format (i.e. percentage of purchase price or flat fee) and not be open-ended. It must be communicated to both buyers and sellers that commissions are not pre-determined by law and are fully negotiable. Determining commission amounts and who will pay them has a direct impact on the sales transaction whether you are buying or selling your home. Real estate consumers in our area are fortunate to have access to a large pool of talented and knowledgeable professionals who are backed by a strong association.