Buyer’s Representation Agreement 101
Would you like to go on a house hunting trip and are already pre-qualified or pre-approved? Call, text, or email me to set up a showing appointment. Once that is confirmed there is one more important step that needs to be done before “I or Any Other Agent” in the state of TX can unlock the house of your dreams, and that is to talk to you about the Buyer’s Representation Agreement and why it is so important and needs to be communicated to you by the National Association of Realtors (NAR).
The NAR settled a lawsuit and it states: Going into effect August 17, 2024, a REALTOR® “working with” a buyer will be required to enter into a written agreement with the buyer PRIOR to touring a home, including both in-person and live virtual tours. This new rule and practice is required to be implemented as of July, 2024 in order to stay in compliance with NAR!
A Buyer’s Representation Agreement outlines the parties, appointment, definitions, term, broker obligations, client obligations, broker compensation, and intermediary.
The Buyer Agency Agreement benefits consumers because it clearly and transparently outlines the services a REALTOR® will provide and how the REALTOR® / Buyer’s Agent will be compensated upon a successful purchase of a property by the Buyer on closing day.
If you have any questions or concerns, please don’t hesitate to ask!
This is for informational purposes only!
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