Is a written buyer's agreement necessary?
Beginning August 17, 2024, many agents will be required to enter into a written agreement with a buyer before touring a home either in-person or through a live virtual tour and buyers should be familiar with what it entails. There have been buyer agreements for decades in the real estate industry and it was always suggested that the agent have a buyer acknowledge it in their first substantive meeting. The practice of when it was signed was not scrutinized which is why some buyers may not be familiar with the practice. The agreements benefit both parties specifying obligations and duties. The advantages for the buyer include: Dedicated Representation: A buyer's agreement ensures that the agent is committed to representing the buyer's best interests throughout the entire home buying process. Clear Expectations: The agreement outlines the scope of services provided by the agent, including their duties and responsibilities, helping to establish clear expectati