Today is a big day in the Real Estate World!
The recent NAR settlement introduced changes designed to enhance transparency and trust in real estate. As of today, August 17th, these changes are officially now in place. Here is what you’ll see:
Written Agreements Required: Before we tour any homes together, we’ll need to have a written agreement in place. This ensures that both parties understand and agree to the terms of our professional relationship right from the start, making every step as straightforward as possible. This agreement can be in regards to one specific property and it can be for a longer time and larger areas that we go and see houses. But I will need a signature from you before I book an appointment. If I get audited and don’t have this agreement, I will be fined $1500.
No More Compensation Details in MLS: This means that compensation agreements will no longer be publicly listed, allowing for more tailored and confidential discussions about terms. This doesn’t mean a lot for you as a buyer or seller, but for me as an agent, I have to do some extra work and get some papers signed by the listing agent before I can show you any property.
These changes are here to protect your interests and ensure that you have all the information you need to make informed decisions.
Why is having a realtor by your side more crucial than ever? With these new practices, a knowledgeable realtor will guide you through the complexities of modern real estate transactions, ensuring your needs are met while adhering to the latest legal requirements.
So please let me know how I can help you with your real estate needs!
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