Buyer Broker Agreements Are Here

—Here’s What You Need to Know! (Free Download / Document Preview) 🏠

Hey there, home seekers! The real estate game is always changing, and 2024 is shaking things up with a new twist: the Buyer Broker Agreement. Yep, it's official—this agreement is mandatory (August 12th, 2024), but don’t worry, I’ve got the scoop to keep things crystal clear.

So, what exactly is this Buyer Broker Agreement?

Glad you asked! Think of it like a pact between you and your buyer agent, similar to the one sellers have with their listing agents. This formal agreement is all about making sure everyone’s on the same page before you start viewing properties or making those exciting offers. Transparency is a good thing.

Here’s the lowdown on what you’ll be signing:

• Representation Period: You and your agent are in this together for a period of up to three months (or longer if you’re feeling the love). Need more time? You can always renew! Need to cancel? No problem, both parties sign a cancellation.

• No Pre-Existing Agent Relationship: Your agent’s got your back—scouring the market, showing you homes, and crafting offers that get noticed. In return, you’re committing to work exclusively with them, acknowledging that you’re not already tied to another agent.

• Compensation to Broker: Traditionally, sellers have covered both the listing and buyer broker fees, but here’s the twist—starting August 12th, the San Francisco MLS won’t display buyer broker compensation offers anymore. Instead, every offer will need a special form detailing the buyer broker’s fee. Sellers can choose to accept, negotiate, or even decline covering the fee, and if they don’t, it’ll be your responsibility, rolled into your closing costs.

Got questions? Of course, you do! With over 35 years of experience in the San Francisco real estate scene, the Legacy Real Estate Team is a go-to for all things real estate. Don’t hesitate to give me a shout at 415.871.3885 or [email protected].

And hey, don’t forget—you can download the full document to preview it, understand it, and keep it handy for your next steps.

Happy house hunting! 🎉

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