Buying a home is a significant financial step for most people, and having the right guidance is crucial. This is where REALTORS® come in, serving as trusted advisors to help you make informed decisions throughout the homebuying process.
The recent settlement by the National Association of Realtors (NAR) introduces several important changes that directly benefit homebuyers. These changes, set to take effect on August 17, aim to enhance transparency and ensure that homebuyers are well-informed and protected.
One key change is the requirement for a written agreement between you and your agent before touring a home. This agreement should clearly outline the terms negotiated, the services provided, and the compensation structure. It ensures transparency and helps you understand what you are paying for.
Additionally, the agreement must include specific components related to compensation, such as a clear disclosure of the agent's compensation, objective compensation terms, and a prohibition on receiving additional compensation beyond what is agreed upon.
It's important to note that while written agreements are necessary for in-person and live virtual tours, they are not required for casual interactions like open house visits. Sellers can still offer compensation to your agent, but this information will not be shared on Multiple Listing Services (MLS).
Despite these changes, certain fundamental aspects remain unchanged. REALTORS® are committed to working in your best interests and are guided by ethical standards. Compensation for your agent remains negotiable, and they are bound by the REALTOR® Code of Ethics to have transparent discussions with you about compensation.
When choosing an agent, ask questions about compensation and understand the services you will receive. Remember, you have choices, so work closely with your agent to explore all options and make the best decision for your needs.
For more detailed information about these changes and their implications, visit facts.realtor. The upcoming changes aim to empower homebuyers and ensure a more transparent and informed homebuying experience. #HomeBuying #RealEstate #NAR #Transparency #HomebuyersBenefit
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