Massive Change For Home Buyers In New York

Home buyers in New York will be affected by a new law that went into effect today.

As of today, August 18th, 2024, all home buyers in New York State will not be able to tour a home in person or virtually without first signing a Written Buyer Agreement.

WHAT IS A WRITTEN BUYER AGREEMENT?

A Written buyer agreement is a signed contract between the buyer and the real estate agent that outlines what the agent will provide and what their compensation will be. There are several different types of agreements that home buyers can sign.

Feel Good Mornings With Dave Fields Mon-Fri 6am-10am

WHAT ARE THE DIFFERENT KINDS OF WRITTEN BUYER AGREEMENTS?

Touring Agreement - This allows the buyer to work with an agent for a specific time and purpose, touring a home or homes.

Non-exclusive buyer’s agreements - This allows the buyer to work with several agents at one time.

Exclusive buyer's agreement - This contract means you will only work with one agent during your home-buying period.

WHAT DO BUYER AGREEMENTS COVER?

1. Duration of the agreement: Specifies the time frame the contract covers.

2. Agent responsibilities: Describes what duties the real estate agent will provide to the buyer. These include but are not limited to searching for properties that fit the buyer’s criteria, arranging showings, and assisting with the negotiation process.

3. Agent Compensation: This will outline how much the buyer will pay the agent for their services.

4. Buyer commitments: This outlines what is expected from the buyer.