T
he National Association of Realtors (NAR) has released a new guide for buyers on negotiating commissions and services with real estate agents. The guide emphasizes that commissions are fully negotiable and not set by law, allowing buyers to ask sellers to pay their agent's fees and walk away from negotiations if they're not satisfied.

    Buyers can expect to sign a written agreement before touring a house, but not necessarily when visiting an open house or inquiring about services. The guide explains that most aspects of the buyer-agent relationship are negotiable, including compensation, expected services, and agreement terms.

    Regarding compensation, the guide outlines three common payment structures: flat fee, hourly fee, and percentage of purchase price. It also specifies that agents cannot agree to an open-ended amount or range of compensation, but buyers can ask sellers to offer their agent's fees.

    The guide advises consumers that they don't need to sign any deal they're not comfortable with and can walk away from negotiations at any time. Signed agreements can be altered, but only with mutual agreement between the buyer and agent, subject to state law or the agreement itself.

    NAR has also released additional consumer guides on topics such as seller compensation offers and home buying for veterans through NAR Settlement: Get the Facts.