Questions and Answers about written Buyer Agreements from NAR Consumers

Why am I being asked to sign a written Buyer Agreement? If you’re a homebuyer working with an agent who is a REALTOR®, it means you are working with a professional who is ethically obligated to act in your best interest. As of August 17, 2024 (1st of August in Metro Phoenix), you will be asked to sign a written buyer agreement after you’ve chosen the professional you want to work with. 1. What is a “written buyer agreement?” What does it do?2. Why am I being asked to sign an agreement?3. Are these agreements new?4. What parts of this agreement are negotiable?5. How do I benefit from these agreements and how do I find out more about buyer agreements?6. When do I need to sign an agreement?7. Does this mean I have to pay my real estate professional out of pocket?8. Do agreements dictate a specific type of relationship I need to have with my real estate professional?9. Can I change or exit an agreement? 📆 Please schedule a meeting with me to learn more and discuss any concerns you may have about buying and selling residential real estate in the Valley of the Sun (Metro Phoenix). ☎️ Mobile 602-517-4463📧 Mail@JasonPetersonRealtor.com🌐 JasonPetersonRealtor.com

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Questions and Answers about REALTORS® from NAR Consumers

REALTORS’® Duty to Put Client Interests Above their Own A REALTOR® is a special kind of real estate agent: one who follows the National Association of REALTORS® (NAR’s) strict Code of Ethics, including the first and primary pledge to protect and promote the interests of their clients. This obligation means that a REALTOR® cannot make decisions or provide representation in a way that puts their own interests or commissions ahead of their clients’ interests. 1. What does it mean for a REALTOR® to act in a BUYER’s best interest?2. What does it mean for a REALTOR® to act in a SELLER’s best interest?3. What is wrongful “steering”?4. How do written agreements protect me from steering?5. Where can I learn more about buyer agreements?6. What can I do if I think a REALTOR® is violating NAR’s Code of Ethics? 📆 Please schedule a meeting with me to learn more and discuss any concerns you may have about buying and selling residential real estate in the Valley of the Sun (Metro Phoenix). ☎️ Mobile 602-517-4463📧 Mail@JasonPetersonRealtor.com🌐 JasonPetersonRealtor.com

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NAR Consumers: Open Houses and Written Agreements

As of August 17, 2024 (1st of August in Metro Phoenix), many real estate professionals nationwide will be asking buyers to enter into a written agreement prior to touring a home. But what if you are just attending an open house? Here’s what you should know:   I am attending an open house without an agent. Do I need a written buyer agreement in order to tour the home? No. If you are simply visiting an open house on your own or asking a real estate professional about their services, you do not need to sign a written buyer agreement.   Is an agent who is hosting an open house required to enter into written agreements with the potential buyers who attend the open house? No. In this case, since the agent is only there at the direction of the listing broker or seller, the agent is not required to have a written agreement with the buyers touring the home.   When will I be asked to sign an agreement with an agent? After you begin “working with” an agent and at any point before you tour your first house together.   What does “working with” an agent mean? A buyer is “working with” an agent as soon as the agent begins to provide services, such as identifying potential properties and arranging tours. Agents who are simply marketing their services or speaking to a buyer—at an open house or by providing a buyer access to a house they have listed—are not considered to be working with the buyer.   What does it mean to “tour” a home? Under the terms of the settlement, a “tour” is when a buyer who is working with an agent enters a home that is for sale or directs their agent to enter the home on their behalf. This includes when the buyer’s agent provides a live, virtual tour to a buyer not physically present.   What is the purpose of written buyer agreements? Clarity and transparency. Written buyer agreements lay out the services your real estate professional will provide and what they will be paid. Buyers should not sign anything that includes terms they do not agree with or do not understand. You are in the driver's seat with these agreements, which are fully negotiable.   Where can I learn more about buyer agreements? Learn about why you’re being asked to sign a written buyer agreement from my other blogs and articles at JasonPetersonRealtor.com or simply give me a jingle at 602-517-4463 or write to me at Mail@JasonPetersonRealtor.com.   ✅ Please visit facts.realtor for more information and resources, and consult your real estate professional or attorney for details about state law where you are purchasing a home.   📣 REALTORS® are members of the National Association of REALTORS®   🎬 NAR Consumers: Open Houses and Written Agreements📚 Welcome to the Future of Residential Real Estate (Commissions Decoupled)📚 Then and Now: Decoupled Commission and New Flow of Compensation🔎 View the ‘Buyer-Broker Exclusive Employment Agreement’ example.🔎 View the ‘Buyer-Broker Agreement to Show Property (Buyer)’ example.🔎 View the ‘Tenant-Broker Exclusive Employment Agreement’ example.🔎 View the ‘Buyer-Broker Agreement to Show Property (Tenant)’ example.📚 Homebuyers: Here's What the NAR Settlement Means for You📚 Home Sellers: Here's What the NAR Settlement Means for You   📆 Schedule time with me to address any questions and concerns about buying, selling, and renting residential real estate in the Valley of the Sun (Metro Phoenix). 🏠 We'll get you where you need to go! 🚀   ☎️ Mobile 602-517-4463📧 Mail@JasonPetersonRealtor.com🌐 JasonPetersonRealtor.com  

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