WHY DO I NEED TO SIGN A BUYER'S AGREEMENT?
YOUR NEW ENGLAND NEIGHBORHOOD REALTORS
What is a Buyer’s Broker Agreement?
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.
What 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.
How 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
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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