Buyer will now have to sign contracts before touring homes - PA

[Alan Asriants]

As the title of this post mentions, Buyer should be aware that now the MLS requires Buyers to be in a agency contract with their agent before scheduling any tours. This should have already been a common practice, but because of the commission structure before the NAR settlement, lots of agents did not execute contracts with buyers in order to gain them as clients.

Now Buyers must be ready to sign an exclusive, or non-exclusive agency contract (there is a difference) before touring properties. Your potential buyers agent should have the proper knowledge or at least a mentor that can help walk you through the contract, their fees, and what is involved in the home buying process. 

While this might be something that Buyers are not used to because they are not comfortable getting into an agreement with an agent. It should be a win-win for both parties in the future.

Buyers will win because they will do their complete due diligence and use a professional (as opposed to a family member or friend with just a license, who sells 1 home every 2 years lol) so that they can get the best representation possible. 

Buyers agents will win because then they will have a more secure buyer agent relationship, and a less likely chance that a buyer will go to another agent behind their back.

if you have any questions about the new contracts or the NAR settlement, I am happy to discuss them.

PLEASE NOTE: I am licensed in NJ and PA. Each state will have their own contracts, laws, etc.