Real estate buyers are now responsible for paying their REALTOR®, and those commissions are negotiable. Signing a buyer’s brokerage agreement is now a requirement before a REALTOR® can give a tour a home for sale.
Sellers are now only responsible for paying a listing fee. Buyers are now responsible for paying their REALTOR®, and it shall be stated in the buyer’s brokerage agreement they sign BEFORE they can be shown a home for sale by a REALTOR®.
Sellers may pay the buyer’s agent, but it is NOT required.
Buyers, you need to know what you are signing! You don’t want to sign without reading!
If you are a prospective buyer of real estate, the way you will work with your REALTOR® just changed….That is unless you are currently working with a REALTOR® who has already started requiring that all their prospective buyers sign a buyer’s brokerage agreement that states in it the amount of the commission you will owe your REALTOR®.
Below, I am posting a YouTube video that explains it all. All buyers and sellers of real estate should watch this video before signing a listing agreement (if a seller) or a buyer’s brokerage agreement (if a prospective buyer), or they should learn about the changes in the way real estate commissions will be earned by REALTORS® starting on August 17, 2024, in another way.
