What the New Buyer Rules Mean for You

---

The National Association of Realtors (NAR) guidelines for buyers primarily focus on creating a transparent and fair experience for home buyers. Here are some key simplified buyer guidelines that buyers in Sarasota County real estate should understand as of Aug 6th, 2024: 

Exclusive Buyer Agreements: When you work with a REALTOR®, you often sign an agreement specifying that they represent you exclusively in your home search. This ensures loyalty and dedication from the agent but limits you to collaborating with them alone for a specified period. No showings can occur without this signed agreement and the commission agreement signed by the sellers and buyer brokerage before entering a home. Preplanning will remedy this with your REALTOR® and keep them compliant. 

REALTOR® Commission: Although the buyer’s agent assists you during your search, their commission is typically paid by the seller as part of the home's selling price. However, in certain cases, buyers may negotiate how these fees are structured, and you might need to cover a portion of the fees directly to your agent. For example, in a $100,000 sale where the seller is only paying 4% (3% for the seller's agent and 1% for the buyer's agent), you as the buyer would need to pay your agent the missing percentage. If both agents are at 3%, then you're better off. The NAR rule regarding seller compensation for the buyer's agent allows you the flexibility to either accept the responsibility of paying or to avoid a property altogether. Be aware of this possibility. 

Fair and Honest Dealings: REALTORS® adhere to a strict code of ethics, ensuring they act in your best interest by providing accurate information about properties and making fair offers without misleading you. 

Confidentiality: Your financial details, motivation for buying, and other sensitive information must be kept confidential by your agent unless you give them permission to share it. 

Disclosure Obligations: Buyers should expect full disclosure of all facts affecting the property’s value. REALTORS® are required to share any known information about defects or issues related to the property. 

These simplified guidelines help maintain transparency and trust in real estate transactions. For more in-depth details, you can visit NAR's official resources on their website. 

National Association of REALTORS®   https://www.nar.realtor/