BEWARE: The Buyer Broker Agreement

Dear clients and friends,

There has been a significant change that affects anyone looking to buy a home: the new requirement for buyer broker agreements. Effective August 17, if you want to see a property, you must sign a buyer broker agreement with the agent showing you the home. This law is a great step forward for transparency, but it also comes with some risks that you should be aware of.

Why Buyer Broker Agreements Are a Good Thing

First, let’s talk about the positives. Buyer broker agreements provide a new level of transparency in the real estate process. As a consumer, you’ll know upfront how much an agent charges, how they get paid, and the length of your commitment to work with them. This clarity helps you make more informed decisions about who you want to work with and what you can expect from the relationship.

The Hidden Danger of These Agreements

However, there’s a potential pitfall you need to be aware of. Many of us are used to the idea that if we see a house we like online or while driving around, we can just call the agent listed on the sign and have them show us the property. For years, that’s how things worked. But with this new law, things have changed.

Now, an agent might say, “Sure, I can show you that property. We just need you to sign a few documents first.” These documents are likely the buyer broker agreement, and signing them can inadvertently lock you into working with that agent for a period of time—sometimes three, six, or even twelve months!

How to Protect Yourself: Call Your Trusted Agent First

The key takeaway here is that if you’re interested in seeing a property, don’t just call the number on the sign or the agent listed on the website. Instead, call your agent—the one you have a relationship with and trust. This way, you won’t accidentally commit to working with an agent who may not be the right fit for you. At The Chabris Group, we’re here to help coordinate any showings for you and ensure you don’t make any unintentional commitments.

What Should You Do Next?

If you see a home online that piques your interest, reach out to us. Let us coordinate the showing and make sure everything is handled properly. We want to protect your interests and make sure you’re working with the right agent to guide you through the home-buying process.

If you have any questions about these changes—and I know there are many—please don’t hesitate to call, email, or text us. This is a significant shift in our industry, and we’re here to help you navigate it.

Stay informed and stay safe out there!