Brokerage Relationships #110491-Written Buyer Agreements 101

Pdf Summary

The document discusses the importance of written buyer agreements for MLS Participants, detailing the mandatory provisions required by the NAR proposed settlement agreement starting August 17, 2024. These include specifying compensation, disclosure requirements, and other essential terms. It emphasizes the need for clear communication and transparent relationships between real estate professionals and consumers. While certain provisions are mandatory, there are additional considerations to maximize consumer protection and outline broker services comprehensively. The agreement format, types of representation, consumer protection measures, termination clauses, compensation and fees, conflicts of interest, and dispute resolution options are all important aspects that can be included in written buyer agreements. The document stresses the flexibility allowed in determining the type of relationship (exclusive, non-exclusive, etc.), agreement duration, services offered, and compensation structure. Finally, it directs readers to facts.realtor for further resources and clarifications on frequently asked questions, while highlighting that the information provided is for informational purposes and not a substitute for legal advice.

Asset Subtitle

A NAR Fact Sheet on written buyer agreements

Keywords

written buyer agreements

MLS Participants

NAR proposed settlement

compensation

disclosure requirements

consumer protection

broker services

types of representation

termination clauses

dispute resolution