Agents Must Follow the Rules Regarding Buyer Agreements

You’ve probably been told by your real estate agent or heard in the media that you are going to have to sign an agreement before they can show you a home or work with you. Agents are not trying to be difficult; they are following the rules. As of August 17, 2024, REALTORS® are required nationwide to have a signed Buyer Agency Agreement in place before showing property to a prospective Buyer.

Real estate agency agreements have been the law in Virginia since 1995. REALTORS® statewide have needed this agreement signed since 2012. We just had to get it completed before having substantial conversations about buying a home or making an offer to purchase. The change for us is that we must now get the paperwork signed before showing a home.

This requirement was part of a recent settlement involving real estate commissions at the national level for a series of lawsuits concerning fixed commissions in the Midwest that was rendered against the National Association of REALTORS® (NAR) and several other national brands. As part of the agreement, it was decided that Buyers and Sellers needed to be reminded or informed that commissions are, and have always been, negotiable as well as who is responsible for what.

For more information, contact Williamsburg Realty and speak to one of our real estate professionals.