From NAR
The National Association of REALTORS® has released a guide to help consumers understand written buyer agreements, a mandatory requirement starting August 17, 2024. These agreements are designed to increase transparency, clearly outline the services provided by REALTORS®, and specify how they will be compensated. For REALTORS®, this is an opportunity to build trust with clients by establishing clear expectations and showcasing professional integrity.
Key points:
- Transparency and Negotiation: Written buyer agreements clarify compensation terms and highlight that commissions are negotiable, reinforcing ethical practices.
- Preventing Misunderstandings: These agreements reduce confusion by formalizing the relationship and outlining responsibilities.
- Consumer Confidence: They protect buyers from unethical practices like "steering" and ensure their interests come first. As a REALTOR®, use this resource to educate clients on the benefits of written agreements and demonstrate how these measures protect their interests. For more details, visit the guide on NAR's website here