NATIONWIDE – Starting this Saturday, home buyers will see changes in how real estate is bought and sold.
In a new national rule, home buyers will sign a Buyer Representation Agreement with their agent before they begin looking for homes. In this agreement, they agree with the agent on how much they will pay their agent and for what services.
“Anybody that you are shopping with a home for, you have to sign a buyer agency agreement with before unlocking that door and touring the home, so I think that’s going to be the biggest change,” said JJ Velador of Rockwell Real Estate Group of EXP Realty, “that’s going to be what a buyer wants to know: how much am I paying you, how is that getting paid out, how long is this contract valid for and what are the termination agreements?”
Currently, an agent’s commissions are a flat percentage of the home’s sale price. This new rule is to make the process of buying a home and what people are paying for in fees more transparent.
Watch the full interview with JJ Velador below:
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