As of August 17, 2024, real estate professionals across the nation are adopting a new approach to transparency and clarity in their client relationships. Buyers may now be asked to enter into written agreements before working with an agent to tour homes. However, this policy has raised questions, particularly about how it applies to open house attendees. Baldwin REALTORS® is here to guide you through what this means and how it impacts your home-buying journey.
Do You Need a Written Buyer Agreement for an Open House?
No. If you’re attending an open house on your own or simply inquiring about an agent’s services, there’s no need to sign a written buyer agreement. The agent hosting the open house is there on behalf of the listing broker or seller and is not required to enter into agreements with potential buyers.
When Do You Sign a Written Agreement?
A written buyer agreement comes into play when you begin “working with” an agent. This is defined as the moment an agent provides services like identifying potential properties or arranging tours. Agents marketing their services or offering access to a listed property are not considered to be "working with" you in this context. Before touring your first home with an agent, you’ll be asked to formalize your relationship with a written agreement.
What Does Touring a Home Entail?
A "tour" occurs when a buyer, working with an agent, enters a property for sale—physically or through a live virtual tour. This distinguishes casual visits to open houses from formalized agent-buyer relationships.
Why Written Agreements Matter
Written buyer agreements foster clarity and transparency. They outline the services your agent will provide and the associated fees. These agreements are negotiable, ensuring you’re comfortable with the terms before proceeding. Remember: never sign anything you don’t fully understand.
Learn More
To explore further details about written buyer agreements, the National Association of REALTORS® (NAR) has resources available at facts.realtor. Practices may vary by state, so consulting a local real estate professional or attorney is always a good idea.
At Baldwin REALTORS®, we’re committed to empowering homebuyers with knowledge and confidence. Written buyer agreements are designed to protect your interests and ensure your real estate journey is as seamless as possible. If you have questions about these agreements or any other aspect of the home-buying process, don’t hesitate to reach out.
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