HELLO!
Realtors are experiencing many changes these days as a result of the National Association of Realtors Settlement, and one of them is something that is called a Buyer Broker Agreement, which is now a required form. Here is what the local Multiple Listing Service has to say about Buyer Broker Agreements:
Using Buyer Broker Agreements
United in Compliance
In compliance with the NAR settlement, Stellar MLS will update its policies on Buyer Broker Agreements (BBAs), going into effect on August 6, 2024.
A BBA is a contract between a buyer and a real estate broker or agent that defines their working relationship, including roles, responsibilities, and compensation. Starting August 6, 2024, all Stellar MLS brokers and agents must have a BBA with their customers before touring a property.
“Touring” a property occurs when a buyer and/or the agent from the brokerage working with a buyer physically enter a home, or when the agent is physically delivering a live virtual tour where the buyer isn’t present. A home is defined as a residential property of one-four dwelling units. Please note: a Buyer Broker Agreement is not required for any other property class, including rentals.
If you are interested in talking about buying or selling a property, I’m always available and happy to help!
Pam Ryan Anderson
Real Estate Broker, Ryan Realty