U
niversity at Buffalo School of Law professor Tanya Monestier has drafted a buyer agreement that addresses concerns about industry practice changes. Her version is concise and easy to read, covering three main sections in under 1,000 words. Monestier argues that this draft gets most agents "90% of the way there" in terms of compliance with state-specific requirements.

    Monestier's previous reports criticized some buyer agreements, including those from the California Association of Realtors. Her new draft agreement includes a clear explanation of terms and conditions, balancing the needs of agents and consumers. In contrast to existing agreements, which she claims are often drafted with brokers' interests in mind, Monestier's version prioritizes transparency.

    The three-page agreement is divided into sections on parties, property, contract term, exclusivity, and cancellation; compensation details and conditions; and broker duties and disclosures. Monestier avoids legal jargon and keeps each section concise, making it easy to read within a few minutes.

    Monestier emphasizes the importance of educating buyers about these contracts, citing concerns that agents may misrepresent or gloss over their meaning. She argues that some contracts should be invalidated if agents fail to explain them clearly. Monestier believes that buying a home is a significant transaction that requires consumers to understand what they're agreeing to, unlike signing up for a streaming service.