T
he National Association of Realtors has introduced new regulations for home buyers and sellers in the real estate industry. As of August 17th, home buyers are now required to enter into buyer agreements with real estate agents before they can view properties together. This is a significant change from the previous system where buyers could visit multiple homes without signing any agreements.

    Sellers are also prohibited from posting their commission offers for buyer agents on the property listing service MLS. Instead, buyers or their agents must now contact sellers directly to learn about commission amounts.

    The new regulations were implemented as a result of a lawsuit filed in Missouri, which led to a settlement between the National Association of Realtors and the plaintiffs. The changes aim to increase transparency in the home buying process for consumers.

    According to James Benton, Associate Executive for the Waco Association of Realtors, buyers have always been responsible for paying their buyer agents. However, under the new rules, there is now more consumer transparency, which benefits both buyers and sellers.

    While buyers are required to sign agreements before viewing properties, these agreements can be short-term and cost-free. This allows buyers to ensure they are comfortable with their chosen agent before committing to a long-term agreement.

    Real estate agents use MLS to find properties for their clients. Under the new regulations, sellers are no longer allowed to post commission offers on this service. Instead, agents must now have private conversations or use their broker's website to discover commission amounts.

    In summary, while some aspects of the home buying process remain unchanged, the new regulations aim to increase transparency and consumer protection in the real estate industry. Copyright 2024 KWTX. All rights reserved.