WHY DO I NEED TO SIGN A BUYER'S AGREEMENT?
YOUR NEW ENGLAND NEIGHBORHOOD REALTORS
What is a Buyer’s Broker Agreement?
Buyer’s agent compensation refers to the commission paid to the real estate firm providing professional services to the buyer in a property purchase. This commission dollar amount or percentage rate is specified in the written agreement. It is important to note that firm commissions are not legally fixed and are fully negotiable.
What is Buyer’s Agent Compensation?
Beginning August 17, 2024, all REALTORS® nationwide must comply with the National Association of Realtors (NAR) mandated written agreement with their clients. The agreement outlines the type of services the agent will provide and the agreed upon agent compensation. However, a written agreement is not required to attend open houses hosted by the listing agent or to discuss the services offered by an agent.
How Does My Agent Get Paid?
The seller may cover the cost of the buyer’s agent services, as stipulated in the listing agreement. It is also possible to negotiate concessions from the seller in the purchase agreement. If the seller does not agree to pay the buyer’s firm compensation, or a portion of, the buyer is responsible for covering the entire cost of their firm’s services as per the written agreement.
Where Can I Find Agent Compensation Offers?
Starting August 17th, the Multiple Listing Service (MLS) will no longer show agent compensation offers. However, you can still find this information elsewhere. Contact your Better Homes and Gardens Real Estate The Masiello Group agent for details!
Do you want to know more about what the Buyer's Agreement looks like? Or are you ready to start your house-hunting journey? Fill out the form below, and we can get started together!
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