Ashley Terrell Ferrer - Realtor

Big changes happening in the Real Estate world today! The changes affect both Buyers and Sellers and I want to outline a few of those changes here. As always…call, text or email with any questions/concerns you may have.

These changes are effective August 17th, 2024 and beyond BUT our Board implemented this change TODAY!

Changes for buyers…
(1) Seeing homes - a Realtor CAN NOT open a door and show a house without you first signing a Buyer Broker Agreement with them, this also is the case when asking/inquiring to the listing agent directly. REGARDLESS OF WHO SHOWS YOU THE HOME AN AGREEMENT MUST BE SIGNED. It is 100% a requirement - no exceptions with large fines and possible loss of license.

(2) What’s a Buyer Broker Agreement?? This document has always existed and some agents did use them. But it wasn’t required until today. This agreement has a good bit of information but I will hit the highlights.
✅Appointing your designated Agent…writing out the agent you are intending to view homes with
✅Exclusive Aggreement…stating that there are no other agents that you will be working with and you do not have agreements with any other agent
✅Buyer Broker Compensation…it will state a compensation for our services and also explain how that will be paid.
✅Term of Agreement…this dictates when the agreement begins and when it ends. This could be any length of time that the buyer agent and buyer agree upon.

Changes for Sellers…
(1) The listing agreement will look different and will differ with each broker potentially. There is not a universal or required form for our board. Make sure to review it carefully before signing.

(2) What’s different about it??? The compensation section will now be broken down to clarify what the seller is paying the Listing Broker AND what the seller will compensate, if any, to the Buyer Broker that brings them a buyer contract that results in the sale of the home.

I’m available anytime to answer questions. I can email a copy of the Buyer Broker Agreement and the Listing Agreement I will use. Looking forward to chatting more about this.

Want to know the biggest piece of advice I can give you??? Find an agent that knows the rules, knows the changes, knows the forms inside and out. Find an agent that keeps up with the latest information and can explain it to you well. Find an agent that isn’t afraid to sit down with you and explain what you are signing. B/c I promise, those agents are the best and care the most about your situation. Never blindly sign something without knowing the details. Oh and call me😉🥰💁🏼‍♀️
-Ashley
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This came directly from NAR
(National Association of Realtors)

Hello all,

Ahead of the August 17 implementation of NAR’s practice changes, we wanted to provide a few reminders of actions that are required to obtain a release of liability and protect your organization from claims related to broker commissions:

We recommend all MLSs implement practice changes by August 17. REALTOR® MLSs (those owned exclusively by one or more REALTOR® Member Boards) must implement the changes by this date to remain in compliance with NAR policy.

* Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.

Agents working with a buyer must enter into a written agreement before touring a home.

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