Starting from August 17, 2024, there are new rules that might make your home-buying process a bit different but ultimately more transparent and fair. Here’s a simple breakdown of what you need to know:
No More Mandatory Commission Offers: Previously, when a seller listed a home, they were required to offer a commission to the buyer’s agent through the Multiple Listing Service (MLS). This is no longer the case. Now, buyers will negotiate directly with their agents about any commission fees. This change gives buyers more control over how much they pay their agents and can potentially save money (www.nar.realtor) .
Written Agreements with Agents: Before you start looking at homes with an agent, you’ll need to sign a written agreement with them. This document will clearly outline what services the agent will provide and how much it will cost you. This ensures there are no surprises about fees later on, making the whole process clearer and more straightforward (www.nar.realtor) .
Clear Compensation Disclosures: Agents and MLSs must now provide clear information about any compensation involved in the transaction. This means you’ll know exactly what fees are being paid and to whom, helping you make more informed decisions (www.nar.realtor).
Why These Changes Matter
More Transparency: You’ll have a better understanding of what you’re paying for and why.
Greater Control: You get to negotiate directly with your agent about their fees, which can lead to potential savings.
Better Preparation: Knowing all the costs upfront allows you to budget more effectively for your home purchase.
What You Should Do Next
Talk to Your Agent: Make sure you understand the new written agreement and what it includes. Don’t hesitate to ask questions if anything is unclear.
Negotiate Fees: Since commissions are no longer set in stone via MLS, discuss and negotiate the fees with your agent to ensure they are fair and reflect the services provided.
Stay Informed: Keep up to date with any further changes or updates in the real estate market to make the best decisions possible.
These new rules are designed to make the real estate process more transparent and buyer-friendly, ensuring you have all the information you need to make the best choices for your new home.
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