As required by the landmark lawsuit settlement against the National Association of Realtors, the following changes have been and will be implemented this week:
1. In our local MLS, it is no longer a requirement for sellers to compensate the buyer agency. It is optional. In my opinion, when a seller does offer compensation, it opens your house up to more potential buyers.
2. All buyers are required to sign a Buyer Agency Agreement, as of Saturday 8-17-24. This agreement outlines agency, and also sets in writing the fee you will now pay the buyer broker, if the seller is not offering any assistance. This also binds the buyer to one agent for a specific time period, so choose wisely.
If you are viewing property in NJ without having signed one after 8-17-24, your agent is breaking the rules.
This does not apply to open houses.
Math confuses many people, and I am sure there will be some bumps in the road, and a lot of confusion among many. I have a pretty firm grasp on how to navigate these new rules, and I am here to help and assist if you have any questions.
(609) 864-8164
https://michaelelliott.fathomrealty.com/
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