As a result of a 2024 lawsuit settlement, the National Association of REALTORS® (NAR) implemented practice changes on August 17, 2024 to how homebuyers are represented when purchasing a property.

Buyers and their buyer’s agents are now required to sign a written agreement prior to touring properties, including both in-person and virtual tours. Terms of these agreements are negotiable and must be agreed upon by both parties involved.

These agreements must include:

• A specific disclosure of the amount of compensation the buyer’s broker will receive or how this amount will be determined.

• Compensation that is objective (X%)—and not open-ended (cannot be “buyer broker compensation shall be whatever the amount the seller is offering to the buyer”).

• A term that prohibits the buyer’s agent from receiving compensation for brokerage services from any source that exceeds the rate agreed to in the exclusive buyer’s agency agreement.

• A conspicuous statement that broker fees and commissions are fully negotiable and not set by law.

The second change is that offers of compensation (when a seller or a seller’s agent compensates a buyer’s agent) can no longer be posted on Multiple Listing Services (MLS), local marketplaces used by both buyer and seller agents to share information about homes for sale.

Offers of compensation from a seller to the buyer’s broker are still an option but must be communicated off-MLS, if a seller chooses to make an offer available.

AS YOUR EXCLUSIVE BUYER’S AGENT

• I commit to representing you as a dedicated, licensed, and highly trained, full-time REALTOR®, providing the highest level of service designed for the best possible results in the home buying process.

• I will make the home buying process easy and streamlined, ensuring your needs, wants, and desires are fully understood and met.

• I will actively work to find your ideal property, providing access to listings, off-market opportunities, and detailed property information.

• I will represent your interests only as your dedicated real estate agent and fiduciary.

• I will provide market analysis, property-specific data, and pricing recommendations.

• I commit to availability, professionalism, and adherence to a strict code of ethics, including providing guidance on avoiding fraud and unethical sales tactics.

• Upon finding a suitable property, I will assist in negotiating the best price and terms, coordinating with your lender, service providers, and conducting necessary inspections.

• I agree to exclusively represent you in the search for and purchase of property, and you agree to engage my service’s exclusively for a mutually agreeable term.