New Real Estate Rules: Changes to Homebuying and Selling
Effective From August 16, 2024
Key Changes
Beginning on Saturday, August 16, 2024, new rules governing real estate transactions take effect nationwide. These changes stem from a settlement agreement resolving a lawsuit against the National Association of Realtors (NAR).
Two primary modifications to the homebuying process are as follows:
- Commission Disclosure: Real estate agents must now clearly disclose their commission rates and compensation arrangements to clients.
- Buyer Brokerage Agreements: Homebuyers can now explicitly agree to pay their agent's commission, creating a direct contractual relationship.
Benefits for Buyers and Sellers
These new regulations aim to enhance transparency and fairness in real estate transactions.
For buyers, potential benefits include:
- Increased clarity and understanding of commission payments
- Greater negotiating power with agents due to more transparent pricing
For sellers, the changes may lead to:
- More competitive pricing of real estate agent services
- Reduced potential for commission disputes
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- Transparency and accuracy in reporting the new real estate rules
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