Understanding Written Buyer Agreements

Hello there! As your real estate agent, I want to keep you informed about important changes that may affect your home-buying journey. Recently, the National Association of REALTORS® (NAR) introduced new requirements related to written buyer agreements. Let's dive into what this means for you.

1. **What Are Written Buyer Agreements?**

   - Starting soon, from August 17, 2024, when you're working with a Realtor as your buyer representative, you’ll need to enter into a **written agreement** before touring any homes. (I as well as other agents, do this now)

   - This agreement applies to both **in-person** and **live virtual** tours.

2. **Why Is This Important?**

   - The goal is to ensure clarity and transparency between you (the buyer) and (your agent).

   - By having a written agreement, we'll outline the terms of our working relationship, including expectations, responsibilities, and any specific provisions required by the NAR settlement.

3. **What Does the Agreement Include?**

   - The written agreement will cover essential details, such as:

     - **Duration**: How long our agreement will be in effect.

     - **Scope**: What services your agent will provide.

     - **Compensation**: How your agent will be compensated (usually through the seller's commission).

     - **Confidentiality**: How your agent will handle sensitive information.

     - **Agency Relationship**: Clarifying that your agent represents you exclusively as your buyer's agent.

4. **Where Can You Find More Information?**   You can access a comprehensive guide on written buyer agreements on the NAR's centralized website: [NAR Settlement Guide on Written Buyer Agreements](https://www.nar.realtor/the-facts/nar-settlement-faqs).

Remember, this change is designed to h protect  You as the buyer. 🏡🔑

I've summarized the NAR email's key points, emphasizing the importance of written buyer agreements. If you have more questions or need personalized advice, feel free to reach out! Happy House Hunting!! 😊🏠

Jennifer Delong, Realtor

Front Porch Realty 

 870-275-5287 (Mobile) 

PB/Office: Lisa Loggains (870) 243-7222 

*Sources:*

1. [Northwest MLS criticizes $418M NAR settlement agreement, opts out](https://www.housingwire.com/articles/northwest-mls-criticizes-418m-nar-settlement-agreement-opts-out/) (May 29, 2024)

2. [Overblown rumors of demise? NAR has lost only 45K members since December](https://www.housingwire.com/articles/overblown-rumors-of-demise-nar-has-lost-only-45k-members-since-december/) (May 29, 2024)

3. [DOJ breaks silence to reject commission offers “anywhere”](https://therealdeal.com/national/2024/05/23/doj-breaks-silence-doesnt-want-commission-offers-anywhere/) (May 23, 2024)

4. [NAR Settlement FAQs](https://www.nar.realtor/the-facts/nar-settlement-faqs)

5. [NAR commissions settlement details revealed](https://www.realestatenews.com/2024/03/15/nar-commissions-settlement-details-revealed) (March 15, 2024)

6. [NAR Settlement | Frequently Asked Questions](https://www.harconnect.com/wp-content/uploads/2024/04/NAR-Settlement-FAQS_041224.pdf) (April 12, 2024)