NAR Settlement Effective 8/1/2024

In accordance with a new nationwide NAR (National Association of Realtors) ruling, it is now mandatory for buyers to sign an Exclusive Buyer Agency Agreement with their real estate agent before beginning the homebuying process. This agreement formalizes our relationship and outlines the responsibilities and compensation details for both parties. It ensures that we can advocate for your best interests throughout the purchase.

Please note that while this agreement is required, the commission for our services can still be negotiated and covered by the listing agency and/or seller of the property. 

Here are a few scenarios in which commission can be paid to a buyers agent:

• The listing agency is offering a compensation to the buyers agency and it’s business as usual.

• The listing agency is not offering a compensation to the buyers agency, however the seller is open to paying the commission which can be negotiated and will be noted in paragraph 43 of the Real Estate Contract upon completion of writing up an offer.

• Unlikely but possible; the listing agency & seller do not want to offer any compensation, the buyer will then be required to pay commission to the buyers agent in the amount of the agreed percentage based off of sale price. We have a fantastic Lender & Title partner who can provide insight on how this payment can be bundled into the loan. Nonetheless, this scenario is NOT a focus of ours as we always plan to be compensated by the seller side.

This change is designed to enhance transparency and protect both buyers and agents in the transaction.