Working with a REALTOR® to buy a home in Sarasota means you have a trusted professional on your side. As of August 17, 2024, a new requirement mandates a written buyer agreement when working with a REALTOR®. Let's explore what this means for you.
What is a Written Buyer Agreement?
A written buyer agreement is a contract between you and your real estate agent outlining the services they will provide and how they will be compensated. It clarifies expectations and responsibilities for both parties.
Why Sign an Agreement?
This nationwide requirement stems from a National Association of REALTORS® settlement regarding broker commissions. It aims to promote transparency and ensure clarity in the buyer-agent relationship.
Are These Agreements New?
While many states have required written buyer agreements for years, this is a new requirement in some areas. Regardless, it's now a standard practice nationwide.
Negotiating the Agreement
Buyer agreements are negotiable. You have the right to discuss and modify any aspect, including the services provided, the agreement's duration, and the compensation structure.
Benefits for Buyers
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Clarity: Clearly outlines the services you can expect from your agent.
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Transparency: Defines the agent's compensation, avoiding potential confusion.
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Protection: Ensures your interests are represented throughout the buying process.
When to Sign
You'll be asked to sign a written buyer agreement before touring any homes with your agent, whether in person or virtually.
Compensation
While the agreement outlines how your agent will be compensated, you can still request that the seller contribute to those costs.
Flexibility
The agreement doesn't dictate a specific type of relationship with your agent. You can choose the arrangement that best suits your needs.
Changing or Exiting the Agreement
You and your agent can mutually agree to change the agreement. Agreements may also have specific conditions for exiting, so review the terms carefully.
Working with a REALTOR®
REALTORS® are bound by a Code of Ethics, prioritizing your interests and providing expert guidance throughout your home-buying journey.
If you have any questions about written buyer agreements or the home-buying process in Sarasota, don't hesitate to reach out.
Kelli Eggen Luxury Real Estate Agent
