Buy
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Hiromi Kawabe Lopez CA DRE Lic 01834588
Faustino Lopez Jr. CA DRE Lic 01833668
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP
When you enter into a discussion with a real estate salesperson or a real estate broker regarding a real estate transaction, you should, from the outset, understand what type of agency relationship or representation you wish to have with the agent in the transaction.
On August 17, 2024, new business practice changes resulted from the NAR settlement.
By now, you’ve probably read or heard about the significant changes in real estate and how those changes will affect home buyers and sellers.
Buyers working with an agent must sign a written agreement before touring a home. This agreement will clearly outline the agent's role, services, and compensation.
One of the new requirements is that buyers must sign a written Buyer Representation Agreement before touring a home with an agent.
In short, the Buyer Representation Agreement:
spells out the buyer’s agent’s responsibilities during the time they represent you
explains what your agent will do on your behalf, thereby providing more transparency in the transaction
records exactly what and how they will be paid for their services
The Buyer Representation Agreement ensures that you and your REALTOR® are on the same page about the terms of your collaboration. It is designed to facilitate trust and efficiency in what is a hugely complex process. Buying a home is one of the largest, most consequential purchases of your life. It is crucial to have someone on your side who can help you under- stand the legal documents such as purchase agreements, disclosures, and reports. A buyer’s agent ensures that you are aware of your rights and obligations, to protect you from potential legal pitfalls.
Signing a Buyer Representation Agreement is the first step in solidifying a rewarding and productive collaboration with your REALTOR®.
