Kathleen Layton, BHHS Fox & Roach, Realtors
What the new rules of real estate mean if you’re buying a home…
The new era of real estate after the Sitzer Burnett lawsuit is starting to unfold and there are some new rules in place for those purchasing real estate.
To start, you can no longer presume that the seller is going to pay your agent. And to be sure you and your agent are on the same page and expectations are clear to all parties, you are required to sign a Buyers Representation Contract before touring any property.
The contract will outline what services will be provided, and for how much.
A seller can still compensate your agent – and we’re finding that most sellers still are – however that can no longer be indicated in the MLS. Your agent will need to contact each listing agent to confirm the seller’s position on compensating a buyer’s agent, so you are clear on their position before you see the property.
If the seller has decided not to compensate your agent, or if the amount of compensation offered is less than what’s been agreed to in your Buyer Representation Contract, you have several options:
- You can ask them to do so anyway when you present your offer.
- You can pay your agent yourself or make up any shortfall
- You can elect not to see the property
These new rules were meant to provide clarity and transparency for both home sellers and buyers. As with any new change, the initial implementation has created a lot of uncertainty for buyers, sellers AND agents! Eventually, a new normal will emerge which will hopefully benefit all parties. Now more than ever, the agent you choose to work with matters. Buying a home will probably be the largest single investment you ever make – so choose wisely! Reach out anytime to 215-801-2019 or Kathleen@KathleenLayton.com. I’d love to meet you!