Were you aware there is a new Agency law that will take effect on October 1st? That right, the Buyer Agency and Open House disclosure has been changed. Thankfully that grey area we called Presumed Buyers Agent is going away. Many Buyers did not want to sign a committment to work with just one Agent because there were so many other Agents that will work with them as a "Presumed Buyer's Agent."
Starting October 1, 2016, prior to taking a client out to see a property, the Agent must either get the client to sign a Exclusive Buyer Agency Agreement or Understanding Who Agents Represents checking the SubAgent to Seller box. This change will be great for both the Agents and the Buyers and will illeviate the grey area of the unknown.
The other change will be concerning Open Houses. Going forward, the Listing Agent holding an open house will need to display a 8.5x11 disclosure sign in color that states the agent who is conducting this Open House REPRESENTS THE SELLER(S) AND IS REQUIRED BY LAW TO PROMOTE THE INTERESTS OF THE SELLER(S). ANY INFORMATION YOU GIVE THIS AGENT IS NOT CONSIDERED CONFIDENTIAL under the Maryland Real Estate Brokers Act.
I think these new changes are great and will help us to serve our clients better but providing more clarity and transparency in how we do business with our clients. If you do business in the state of Maryland, be sure to contact your Broker to get more information on the new laws surrounding Agency.