WHY DO I NEED TO SIGN A BUYER’S AGREEMENT?
What is a Buyer’s Broker Agreement?
🟢1️⃣ Starting August 17, 2024, all REALTORS® nationwide are required to have a written agreement that states the type of service the agent will provide to you and what compensation has been negotiated for these services prior to touring homes or working with that the agent. No written agreement is required to view an open house hosted by the Listing Agent or to discuss the services that an agent has to offer you.
🟢2️⃣What is Buyer’s Agent Compensation?
Buyer’s agent compensation is the commission paid to the real estate agency working with the buyer during a property purchase. The amount or rate of commission is stated in the Buyer Broker Agreement. Agency commissions are not set by law and are fully negotiable.
🟢3️⃣How Does My Agent Get Paid?
✅The seller can agree to allow the listing agency to offer compensation to a cooperating agency
✅The seller can offer a direct payment to the buyer’s agency via a Purchase & Sale Agreement
✅The seller can offer a concession (credit at closing) to a buyer through the Purchase & Sale Agreement
✅The buyer pays their agent compensation entirely
🟢4️⃣Where Can I Find Agent Compensation Offers?
Starting August 17th, the Multiple Listing Service (MLS) will no longer show agent compensation offers. Visit WhatsMyComp.com to see if the Better Homes and Gardens The Masiello Group listing you have interest in, has an offer of compensation available. NOTE: Offers of compensation may be subject to change.
