As of August 17, 2024, real estate agents working with buyers must have a signed, written agreement with their buyers before touring a home. Buyers do not need a written agreement with an agent at an open house, only with the agent with whom they have contracted.
Written Buyer Agreements are not new; only the legal requirement is new. I wrote the first such contract in Washtenaw County to protect my buyer over 20 years ago.
Written Agreements Requirements
- amount of compensation to be paid to the buyer’s broker which must be understandable and not open-ended,
- includes a statement that the “Broker commissions are not set by law and are fully negotiable”,
- must state that the buyer’s broker cannot receive compensation from any source that exceeds the amount agreed upon in the written agreement. (for example, if the agent negotiates with the seller to pay the buyer’s fee instead of the buyer paying, it cannot exceed the agreed upon amount in the buyer contract.)
Exclusivity: working with a single agent
While the new rule requires agents working with buyers to have a written buyers agreement before touring a property with the potential buyer, the agreement does not have to be exclusive. The buyer is best served, however, in entering into an exclusive agreement, that is, with just one agent. A Realtor® gives you, the buyer, her experience and trustworthiness to guide you through the intricate and challenging process of buying a home — determining the best offer, structuring your winning contract, negotiating terms, demystifying the process, and avoiding common and often costly mistakes, thereby reducing stress and facilitating the closing of the sale.
If dissastified with the service of an agent, the buyer can cancel the agreement for future home showings, but may be obligated to fulfill the contract on any offer on a property toured with the agent.
Do call me for further assistance in buying a home., working with an agent, or any other real estate related questions. I am always happy to help.
“Marian is a very genuine and thoughtful person. She is an extremely hard working and detail-oriented Realtor®. Her greatest assets are her experience, knowledge/skill, and her network of kind and trusted people to help. I would recommend Marian to anybody. She is extremely competent and she will step in as required to make a deal happen. She made a potentially very stressful house purchase significantly less stressful because she took care of any and all issues that arose. She was there for us throughout the whole process and ensured success because she carefully plans, anticipates and takes action efficiently and effectively. Not only is she an expert at getting a deal done, she also has technical expertise when it comes to properties, and taps into a network of expert consultants as well. We are so grateful to have Marian in our corner throughout the home buying process, and strongly recommend her.
To elaborate on our experience with Marian further: We had a vision/goal for finding a home that met our needs. From the beginning, she patiently and carefully walking us through each step of the process. She spent a great deal of time listening to our preferences, assessing what we were looking for, and giving us ‘real talk'/practical feedback. She was attentive and answered all our questions throughout the process. She also reached out to us and made sure we got in to see a property to ensure we had a competitive edge if we were serious about placing a bid. She worked behind the scenes, and would find answers even before we could ask the question! In this competitive market, we were so grateful to have Marian and at the end of the day, we have come to consider her as a true friend and like family to us.”