New Real Estate Rules Are Here
What Home Buyers Need to Know
New Real Estate Rules: What Buyers Need to Know
The real estate landscape is changing, and as of August 17th, significant updates are being implemented that will affect how you, the home buyer, and your REALTOR® work together.
Here’s what you need to know about the new requirements and what they mean for your home buying experience.
Signing Before Touring a Home
One of the most notable changes is that all home buyers must sign a Buyer Representation Agreement (BRA) before they can tour a property, even if it’s a virtual tour.
NO REALTOR will be able to unlock a door or provide you with access to a property unless you’ve signed the Buyer Representation Agreement first.
This is non-negotiable and applies to every real estate agent.
What Am I Actually Signing?
The Buyers Representation Agreement
Here’s the breakdown:
The Buyer Representation Agreement is designed to enhance your home-buying experience by clearly defining your relationship with your real estate agent. This agreement must be signed before any real estate agent can unlock a door for you. This new rule is non-negotiable and applies to every buyer and agent relationship going forward (August 17, 2024 and beyond).
The agreement clearly spells out the relationship between the brokerage and the buyer, and it includes compensation should the buyer go into escrow on the property.
Here’s how the Buyer Representation Agreement can be a valuable tool for you:
Clarifies Expectations
The new Buyer Representation Agreement isn’t just about signing a form to gain access to tour a property; as part of the new real estate rules, it outlines the obligations of both the buyer and the agent. This agreement details the services you can expect from your REALTOR®, including the roles, duties, and responsibilities they owe you throughout your home-buying journey.
It’s designed to clarify the relationship and ensure that both parties are aligned in their expectations.
This legally binding contract provides protection and transparency for the agent and buyer alike. Rather than relying on a verbal conversation or assuming an understanding, a written agreement spells out expectations, including the services provided to the buyer, the agency relationship, how the brokerage is compensated, and how that system serves the buyer’s best interest.
Provides Market Insights
By having an exclusive BRA, you gain access to valuable market information and insights. Your agent can provide you with up-to-date data that helps you make informed decisions and negotiate the best terms for your home purchase.
Ensures Agent Commitment
Signing a Buyer Representation Agreement (BRA) establishes a fiduciary duty between the buyer and an agent. The agreement outlines the terms of their working relationship, and the agent is obligated to act in the buyer’s best interests.
To oversimplify it, the buyer is agreeing to work exclusively with a specific real estate brokerage (and agent) and the brokerage is agreeing to work on behalf of the buyer’s best interests.
Expert Guidance
Throughout the home-buying journey, your agent will provide professional guidance and support. With their expertise, you’ll navigate the process with confidence, making the entire experience more efficient and enjoyable.
These changes mark a significant shift in the real estate industry, aiming to create clearer agreements between buyers and agents. While the new rules may seem like an added step, they are designed to protect both parties and ensure a transparent and professional home-buying experience.
If you’re planning to purchase a home, it’s more important than ever to understand these new real estate rules and work closely with a professional REALTOR® to navigate this evolving landscape.
Work With Weatherford Realty Group
Buying a home involves navigating a complex process with many critical steps. Without expert guidance from Weatherford Realty Group, you risk making costly errors—like missing out on competitive offers, overlooking essential inspections, or mismanaging negotiations. That’s why having a dedicated professional who prioritizes your needs and represents your interests exclusively is crucial.
At Weatherford Realty Group, we are committed solely to your success. Trust us to provide the expert guidance you need for a smooth and successful home purchase.
Your journey deserves the best, and Weatherford Realty Group is here to make it happen!
