This is from the website of the National Association of Realtors.
If you would like to buy a home in the US this is important information for you!
Buying a home is one of the largest financial transactions most people will ever undertake. Agents who are REALTORS® are a trusted source of advice and stand ready to help you navigate your homebuying journey and make the choices that work best for you. NAR’s recent settlement has led to several changes that benefit homebuyers, and we wanted to clearly lay them out for you.
Here is what the settlement means for homebuyers.
You will sign a written agreement with your agent before touring a home.
Before signing this agreement, you should ensure it reflects the terms
you have negotiated with your agent and that you understand exactly what
services and value will be provided, and for how much.
The buyer agreement must include four components concerning compensation:
A specific and conspicuous disclosure of the amount or rate of
compensation the real estate agent will receive or how this amount will
be determined.
Compensation that is objective (e.g., $0, X flat
fee, X percent, X hourly rate)—and not open-ended (e.g., cannot be
“buyer broker compensation shall be whatever the amount the seller is
offering to the buyer”).
A term that prohibits the agent from
receiving compensation for brokerage services from any source that
exceeds the amount or rate agreed to in the agreement with the buyer;
and,
A conspicuous statement that broker fees and commissions are fully negotiable and not set by law.
Written agreements apply to both in-person and live virtual home tours.
You do not need a written agreement if you are just speaking to an
agent at an open house or asking them about their services.
The
seller may agree to offer compensation to your agent. This practice is
permitted but the offer cannot be shared on a Multiple Listing Service
(MLS)— MLSs are local marketplaces used by both buyer brokers and
listing brokers to share information about properties for sale.
You can still accept concessions from the seller, such as offers to pay your closing costs.
These practice changes will go into effect August 17.
Here is what the settlement doesn’t change:
Agents who are REALTORS® are here to help you navigate the homebuying
process and are ethically obligated to work in your best interest.
Compensation for your agent remains fully negotiable, and if your agent
is a REALTOR®, they must abide by the REALTOR® Code of Ethics and have
clear and transparent discussions with you about compensation. When
finding an agent to work with, ask questions about compensation and
understand what services you are receiving.
You have choices.
Work with your agent to understand the full range of these choices when
buying a home, which will help you make the best possible decision for
your needs.
More details about these changes and what they mean can be found at facts.realtor.