New Buyer Agent Commission Rules

As of August 2024, significant changes have reshaped the real estate industry, particularly concerning how buyer agents are compensated. At Homesellers Realty, we are committed to navigating these changes transparently to ensure clarity for all parties involved.

Key Changes:

1. Real Estate Commission Payment Responsibility: Traditionally, sellers have paid the commission for both the listing agent and the buyer's agent. However, under the new rules, there is a shift towards who bears this responsibility.

2. Buyer Agent Commission:  The payment of the buyer's agent commission may now come directly from the buyer themselves rather than from the seller and the buyer’s agent must have signed the Buyers Broker Agreement before showing any property.  This change aims to provide more transparency and clarity in the transaction process.

Our Commitment:

At Homesellers Realty, we uphold the highest standards of professionalism and integrity. We respect every purchase offer supported by a Buyer Agent Agreement. It is essential for buyers to clearly outline in their offer how much they intend to compensate their agent.

Seller Considerations:

When submitting an offer, it is crucial for sellers to clarify whether the buyer's agent commission is covered under their Buyer Broker Agreement or if it will be requested to be paid by the sellers separately. The offered home purchase price should clearly specify the commission amount requested by the agent. Homesellers Realty mandates that offers include a Buyer Agent Agreement outlining the agreed-upon compensation for the buyer's agent.

Important Note:

Requests from sellers to pay the buyer agent commission will only be considered if it is explicitly stated in the offer and accompanied by a Buyer Agent Agreement. This ensures that all parties are aware of the financial arrangements regarding the buyer's representation.

Bottom Line

These changes reflect our ongoing commitment to transparency and fairness in all real estate transactions. We are here to guide you through these new rules and ensure a smooth and informed buying or selling experience. For more information or to discuss how these changes may affect your transaction, please contact Homesellers Realty. We are dedicated to providing you with the expertise and support you need in this evolving real estate landscape.