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As of August 17th there will be some changes to the Real Estate world as a result of a lawsuit that was brought against the Real Estate industry and was settled this year.
As a result of this settlement any client that is wanting to view a property outside of an open house will need to sign a buyers representation agreement with their agent. This was not desired by myself or the vast majority of agents. As a personal practice, I rarely if ever ask a client to sell a buyers representation agreement until I have found them what they are looking for and they are ready to make an offer. However, this will now be a mandatory document prior to seeing a property, so don't be surprised when myself of another agents asks for a signature from you prior to your first showing.
The second big result of the lawsuit was that there will no longer be a buyer broker compensation field in the MLS. This means that a buyer brokers commission will be negotiated as part of the contract to purchase or offer. If a seller is unwilling to include the buyer brokers commission into the contract then the buyer will be responsible for paying their agent out of pocket.
If you have any questions about what the information above means for you, or if you have any questions about Real Estate. Don't hesitate to reach out. Call or text today 615.762.6572
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