Changes are coming…Buyer Representation Agreement!

Have you ever spoken to a licensed North Carolina Realtor® and had them ask you to sign an agreement?  Buyer Agency Agreements are important to have and there are great reasons you should know more about it! Real Estate can be complicated, and it involves many legal terms and phrases that you should understand as they have very specific definitions. There are many legal terms and many steps to becoming a HOMEOWNER! Both the buyer and seller have responsibilities. As a BUYER you want to make sure you are represented properly and make sure your TRUSTED REALTOR has your best interest! By signing a BUYER AGENCY AGREEMENT, the REALTOR® will have your best interest and fulfill their fiduciary responsibilities to YOU!

So, what’s all in this agreement, anyway?

It contains the basics like yours and your agent/brokers information. It will outline the exclusive right to represent you as the Client. It defines where you’ll be looking geographically, a clear start and end date to your agreement, and describes the obligations of the parties to the agreement. It also defines how competing clients are handled, how compensation is paid, the source of the compensation, and any other legal requirements of the parties. It talks about duties each of the parties has should one fail to fulfill their obligations.

 It’s worth your time to not only review it but work with a professional that asks you to sign one. Just be sure it’s someone you trust, and check and see if the Realtor® you’re interviewing has positive online reviews. When you work with Danielle White | REALTOR | BROKER | OWNER of HERITAGE REALTY CO., she will always have your best interests at heart and provide excellent communication and service.

Changes are coming August 17th, 2024, in North Carolina and around the nation.

As a result of national lawsuits, changes to representation agreements are coming in August of this year. As of August 17th, all Realtors® will be required to have a representation agreement in place before touring a property with a client. Additional practice changes are coming to local MLS and Realtor associations specific to compensation for Buyer’s Agents in August of 2024. If you’re interested in learning more, feel free to contact Danielle.