It was a busy summer! Not just for me and my clients, but for ALL home buyers, real estate agents, real estste brokers, NAR (National Association of Realtors), WRA ( Wisconsin Realtors Association)… You get the point, it was BUSY. And by busy that also means a lot of changes.
In simple terms with what happened with NAR and the lawsuit – There needs to be more transparancy between real estate agents and/or buyer agents, and home buyers and home sellers in terms of commission. So the new rules are that in order to view a home, meaning a private house tour with any real estate agent, there needs to be a written agreement in place. There are 3 types of these new written agreements:
Pre-Agency Agreement – easy form, an agent can show you a house, but can’t give any thoughts/advice/opinions. Simply a “door opener”
Customer Disclosure Form – agent is working for the seller
Buyer Agency Agreement – agent is working for YOU
Each written form is different in what terms a real estate agent / Realtor can and will do for a home buyer. Each form will also have the commission terms clearly written. These home buyer agreements became a nationwide requirement August 17th 2024. In addition, these written agreements MUST be signed prior to any home tour. HOWEVER, you and your Realtor can change from one written agreement to another. This is IF BOTH parties are in agreement to do so.
Purchasing a home is a big decision. One that shouldn’t be taken lightly. Talk to your agent. If you’re not comfortable with what they have to say about these forms, or about what their terms are then FIND ANOTHER AGENT. One that you’re comfortable with.
Want more info on the Nar Settlement and how it relates to home buying? Click here
Ready to speak to a Realtor?! Give Elysian Realty a call/email/text today! We would love the opportunity to see if we are a good fit for you and your needs. Let us work FOR YOU.