Important Changes to the Home Buying Process: What You Need to Know

Starting August 17th, a significant change is coming to the home buying process: licensed real estate agents will no longer be able to show you a property without a signed Buyer Broker Agreement. This agreement legally binds you to that agent and specifies how they will be compensated, with payment now more likely to come directly from the buyer rather than the seller. The agreement can be for a specific area over a period of time or for a single property viewing, but it is required for any property showing, even if you contact the listing agent directly.

With this change, it's more important than ever to choose an agent with the right skills, expertise, and experience to guide you through the home buying process. While sellers can still cover the buyer's agent commission, this will now be handled through seller concessions or buyer closing cost credits. Even if compensation is included in the listing agreement, it won’t be displayed publicly via the MLS.

These changes make it essential to be informed and prepared. Understanding these new requirements will help ensure a smooth and successful home buying experience.

I’m here to help you navigate these changes and make sure you’re fully prepared for your home purchase.