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As a result of the National Association of REALTORS® Settlement agreement related to broker commissions, as of August 17, one of the requirements is buyers nationwide are required to sign a written buyer agreement (also known as a broker buyer representation agreement) after they have selected a real estate professional they want to work with. To help consumers understand the new rules and practices, NAR has produced several consumers guides on each topic.
Here are what buyers should know about the written buyer agreement:
What is a “written buyer agreement?” What does it do? A written buyer agreement is an agreement between you and your real estate professional outlining the services your real estate professional will provide you, and what they will be paid for those services.
Why am I being asked to sign an agreement? Written buyer agreements became a nationwide requirement for many real estate professionals as a part of the NAR’s proposed settlement of litigation related to broker commissions.
Are these agreements new? In some places, yes. Many states have required them for years, while some have not. As a result, it is entirely possible you or others you know have not used them in the recent past. Regardless, they are now a nationwide requirement for real estate professionals.
Are these agreements negotiable? Yes! You should feel empowered to negotiate any aspect of the agreement with your real estate professional, such as the services you want to receive, the length of the agreement, and the compensation, if any. Compensation between you and your real estate professional is negotiable and not set by law. In the written agreement, the compensation must be clearly defined (e.g., $0, X flat fee, X percent, X hourly rate) and not open-ended or a range. Only sign an agreement that reflects what you have agreed to with your real estate professional.
How do I benefit from these agreements? These agreements clearly lay out what services you, as a homebuyer, expect your real estate professional to provide, and what your real estate professional will be paid. These agreements make things clear and reduce any potential confusion at the outset of your relationship with your real estate professional.
When do I need to sign an agreement? You will be asked to enter into a written buyer agreement with your real estate professional before “touring” a home with them, either in-person or virtually. If you are simply visiting an open house on your own or asking a real estate professional about their services, you do not need to sign a written buyer agreement.
Does this mean I have to pay my real estate professional out of pocket? Not necessarily. While you are responsible for paying your real estate professional as outlined by your agreement, you can still request, negotiate for, and receive compensation for your real estate professional from the seller or their agent.
Do agreements dictate a specific type of relationship I need to have with my real estate professional? No. You are allowed to enter into any type of business relationship with your real estate professional allowed by state law where you are purchasing a home.
Can I change or exit an agreement? Yes. You and your real estate professional can mutually agree to change your agreement. Agreements may have specific conditions under which they can be exited, so read the text of the agreement and speak with your real estate professional if you would like to change or exit your agreement. Realtors are members of the National Association of Realtors and are ethically obligated to act in your best interest.
For more information on this topic and other guides for consumers, visit https://www.nar.realtor/the-facts.
The Silicon Valley REALTORS® Charitable Foundation Trust, the charitable arm of the Silicon Valley Association of REALTORS®, presented scholarships to 18 graduating seniors from public high schools in Silicon Valley at the end of the 2023-2024 school year. Each student received a $1,500 scholarship. The scholarship awards are made possible by donations from SILVAR REALTORS® and affiliates.
The Charitable Foundation Scholarship Program is a partnership effort between the Silicon Valley REALTORS® Charitable Foundation and educators in SILVAR’s service areas. The program recognizes students for their outstanding achievements in academics, extracurricular activities, and community involvement. Scholarship recipients are selected from the high schools in the communities served by SILVAR members.
The selection committee, chaired by Scholarship Program chair Nina Yamaguchi, includes representatives from the local business community and SILVAR. This year marks the program’s 25th year. Since its start, the program has awarded $517,500 in scholarships to graduating seniors in communities served by SILVAR members.
Students who received scholarships, the schools from which they graduated, and the colleges/universities they plan to attend are William (Wei Chi) Yao, Cupertino High School (UCLA); Batoul Mortada, Fremont High School (University of Detroit Mercy); Ezra Furtado-Tiwari, Henry M. Gunn High School (UC Santa Barbara); Mahi Patel, Homestead High School (UCLA); Manasija Bhargavan, Leigh High School (UC Santa Barbara); Audrey Fan, Los Altos High School (Stanford University); Dana Hathaway, Los Gatos High School (Northwestern University); Sophie Yang, Lynbrook High School (University of Chicago); Sarah Jay Weintraut, Menlo-Atherton High School (UCLA);Amy Zheng, Monta Vista High School (Stanford University); Mikayla Kim, Mountain View High School (UCLA); Haley Oba, Palo Alto High School (Columbia University); Sophia Tian, Prospect High School (University of Pennsylvania); Natalie Tsung, Santa Clara High School (UCLA); Lynn Dai, Saratoga High School (Yale University); Zachary Jansons, Westmont High School (UC Berkeley); Vidhya Vishwanath, Wilcox High School (Carnegie Mellon University); and Kayla Tsui, Woodside High School (Cal Poly San Luis Obispo).
Members of the SILVAR presented the scholarship awards to the recipients during senior awards night at their respective schools. Presentingthe awards this year were Joanne Fraser (Compass), Katherine Frey (Katherine Frey Real Estate), Jimmy Kang (eXp Realty of California), Alex Lewicki (DeLeon Realty), Theresa Loya (Coldwell Banker), Wendy Marioni (Compass), Tracey McNeely (eXp Realty of California), Sunita Merchia (Merchia Realty), Russell Morris (Coldwell Banker), Suzanne Myers (Intero Real Estate Services), Navneet Parmar (Real Estate Experts), Tammie Peters (Christie’s International Real Estate Sereno), Denise Welsh (Compass) and Mark Wong (Compass).
VIEW 2024 CFT SCHOLARSHIP RECIPIENTS
REALTORS® face real threats when working in the field, and it’s crucial to be prepared. September is REALTOR® Safety Month, and there’s no better time to reassess your safety protocols and make safety a top-of-mind priority.
The National Association of REALTORS® 2023 REALTOR® Safety Survey highlights alarming statistics of the potential dangers REALTORS® face while on the job:
- 56,000 REALTORS® were victims of a crime while performing their duties.
- 322,000 REALTORS® felt fear for their safety while on the job.
- 406,000 REALTORS® don’t have safety protocols in place to protect themselves.
Join NAR’s REALTOR® Safety Month webinar on Wednesday, September 18, 10 AM Pacific Time, and learn how to identify potential threats, leverage technology for safety, and effectively handle emergencies.
REGISTER HERE
Make the 10-Second Rule a habit whenever you are on the road.
The 10-Second Rule for Keeping Safe on the Road
Inattention is one of the main reasons people find themselves in dangerous situations.
Take a few precious seconds to assess your surroundings to help you spot and avoid danger. Make it a habit, and then share it with someone else.
Take two seconds when you arrive at your destination.
• Is there any questionable activity in the area?
• Are you parked in a well-lit, visible location?
• Can you be blocked in the driveway by another vehicle?
Take two seconds after you step out of your car.
• Are there suspicious people around?
• Do you know exactly where you’re going?
Take two seconds as you walk towards your destination.
• Are people coming and going or is the area unusually quiet?
• Do you observe any obstacles or hiding places in the parking lot or along the street?
• Is anyone loitering in the area?
Take two seconds at the door.
• Do you have an uneasy feeling as you’re walking in?
• Is someone following you in?
Take two seconds as soon as you enter your destination.
• Does anything seem out of place?
• Is anyone present who shouldn’t be there or who isn’t expected?
Give your safety the attention you deserve. All these take a total of 10 seconds! Protect yourself with more safety tips and resources from www.nar.realtor/safety
Silicon Valley Association of REALTORS® says ... 