What Buyers should know about the NAR lawsuit settlement

What You Should Know – We Guide Your Buying Experience

I want to see properties this weekend, but I want to understand my options. What should I do?
Contact the real estate agent you have been working with or begin interviewing agents. They can still show you properties. How you work with your agent and establish your relationship is evolving. Currently, any offer of compensation to your buyer's broker can be found in the Multiple Listing Service (MLS). In July 2024, that will no longer be the case.

What changes in July 2024?
Beginning in July, all agents will need to use a buyer representation agreement to show you properties. This practice is already in place in many markets and will now apply across the country.

What is a buyer representation agreement in Arizona?
The buyer representation agreement defines the scope of work your agent is going to provide including the contract duration, services, and compensation. This means you will know the services and costs upfront with the agent you’ve chosen to represent you.

Will I have to pay my buyer’s agent out of pocket?
Not necessarily. There will be a variety of options available to you. For example, many buyers will ask the seller to credit them at close of escrow to pay their buyer broker fees while others will ask the sellers to pay their buyer broker fees directly.