The Non-Exclusive Buyer Agency Contract was revised as of August 2024 and is used for agents and buyers to meet the contractual obligations that go into effect on August 17, 2024. This document details an obligation to pay the commission listed (in the event that the seller is not contributing to the commission) for the properties specifically listed AND any other properties shown by the agent.
Since agents can only show homes with an agreement in place, buyers may be presented with multiple agreements if they attempt to work with more than one agent. If a buyer signs multiple exclusive agreements without terminating the previous ones, they could be legally obligated to pay commissions to each agent involved. Buyers must communicate with their agent(s) and ensure that any prior agreements are properly terminated before entering into new ones.
There is also a document, the Exclusive Buyer Agency Contract, that can be used. Rather than being based on specific homes, it is an obligation for a period of time to be negotiated between the agent and buyer.
While these contracts define that a buyer will be obligated to pay their agent for the agent’s services, there are numerous ways to defray that cost as part of the negotiation with sellers for the purchase of their homes. While many things in real estate are changing, the benefits of having an experienced agent to help you navigate these changes and save you money are constant.
