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Looking for your dream home? Set Your Rate Real Estate is here to guide you every step of the way. Whether you're a first-time buyer or a seasoned investor, we provide comprehensive assistance in your quest for the perfect property. Our user-friendly advanced search tools empower you to explore a diverse array of listings, from cozy starter homes to opulent estates, ensuring you can effortlessly discover a property that aligns with your requirements.​
We believe buying a home should be an exciting and rewarding experience. That's why we're unwavering in our commitment to assist you in navigating the entire process with confidence and ease. From conducting comprehensive market research to negotiating the most favorable deal, we'll be your trusted companion every step of the way. Start your home-buying journey today with Set Your Rate Real Estate. Search for properties in your desired area, and let us help you find the home of your dreams.
Welcome To A New Era of Transparency and Professionalism
Following the landmark settlement between the National Association of Realtors® (NAR) and plaintiffs in the Spitzer/Burnett antitrust lawsuit, significant changes have been introduced to enhance the buying experience. This settlement emerged from a desire to address concerns about the traditional ways in which REALTOR® commissions have been handled, aiming to increase fairness and clarity in real estate transactions. Under the new guidelines, a Buyer Representation Agreement must be signed before you embark on the journey to find your new home. This agreement outlines the responsibilities of your realtor and clarifies the commission structure, ensuring that you are fully informed and in agreement with how your agent will be compensated. These common questions and answers about these changes can help you navigate your home-buying process with confidence and peace of mind.
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What is a Buyer Representation Agreement?
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A Buyer Representation Agreement is a contract between a homebuyer and a real estate agent that specifies the agent's responsibilities and commission structure. As per the settlement, this agreement must now be signed before viewing properties.
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What are the implications for how transactions are conducted?
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The settlement mandates the use of Buyer Representation Agreements, which will require clear communication and transparency between buyers and their agents regarding compensation and services. This could potentially alter the traditional dynamics of real estate transactions.
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How will the changes affect agent compensation?
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Compensation details must be outlined in the Buyer Representation Agreement. This requirement ensures buyers are aware of and agree to the commission their agent will receive, which can be negotiated independently of the seller's offer.
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Can a seller still offer to pay the buyer's agent commission?
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Yes, sellers can still offer to pay the buyer's agent's commission as part of their transaction terms. However, these offers can no longer be communicated through the MLS (Multiple Listing Service) as part of the new rules set by the settlement.
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What happens if the seller offers less than the agreed commission in the Buyer Representation Agreement?
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If the seller's offer is less than what is agreed upon in the Buyer Representation Agreement, your agent has a few options. The seller could increase the fee to the amount in the buyer agency agreement. The second option is that the agent may be willing to accept less than what is in the agreement. Lastly, you, the buyer, may need to cover the difference to ensure your agent receives the agreed-upon commission.
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Is a written Buyer Agreement required in all states immediately?
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The requirement for written buyer agreements to be in place before showing homes applies universally unless specific state laws mandate these agreements even earlier in the transaction process.
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What should be done with existing buyer agreements after the MLS policy change takes effect?
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Review any existing buyer agreements and possibly amend them to ensure that any agreed compensation is clearly defined and not open-ended, aligning with the new settlement requirements. ​
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The bottom line is that every buyer deserves to have their own representative. At Set Your Rate Real Estate, we will do our very best to help you negotiate that the seller pays for your Buyer Agent fee. Don't sell yourself short; make sure you understand the process and are educated about your options. Ready to get started? Call us today at (727) 358-9130 or reach out through the "Chat With Us" button at the bottom right of this page.
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