Yes, Would Be Home Buyers Must Now Sign A Buyer Brokerage Agreement Before Touring A House


Yes, Would Be Home Buyers Must Now Sign A Buyer Brokerage Agreement Before Touring A House
By Scott Rogers • August 26, 2024
Backing up a bit... In Virginia, written buyer brokerage agreements have been required for over 12 years... since July 2012. That is to say that... if an agent is representing a buyer in a real estate transaction, the buyer and buyer's agent must sign a written buyer brokerage agreement to outline the services to be provided, how long the services will be provided and any associated fees. But... one aspect of this requirement has changed this month... when a buyer brokerage agreement must be signed. In the past, a buyer and buyer's agent could go view a property (or several properties) without a buyer brokerage agreement being signed. If a buyer was ready, willing and able to buy a house then they needed to sign a brokerage agreement before touring a house, but otherwise, it did not need to be signed at the time of touring a house. Now, not so much. Now, an agent can't show you a house unless you have signed a buyer brokerage agreement. It's interesting to think about two main categories that buyers might fall into... Definite Buyers - These buyers are definitely going to buy a home. When, what, where, etc., are not yet certain, but they are definitely going to buy a home. These buyers likely have an established working relationship with an agent -- thus it likely won't be confusing or strange for these buyers to sign a buyer brokerage agreement with their agent. Possible Buyers - These buyers might possibly buy a home, but they are often in the early stages of the home search, or just casually exploring the possibility of buying. These buyers might be reaching out to an agent to go view a house for the very first time -- thus it might seem a bit overwhelming or off-putting for these buyers to consider signing a buyer brokerage agreement. Eventually, this requirement of having a signed buyer brokerage agreement before touring a home will feel like it has always been a requirement -- but that might take years. For now, know that even if you are just casually considering a home purchase, you will be asked by your agent to sign a buyer brokerage agreement before going to see the house. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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