FAQ #7
No. While the broker does need a written agreement in order to take buyers out to see a property, it is not a comprehensive buyer representation agreement.
This new practice under the NAR Settlement is something not required in the past. It will be a major change in selling real estate to require a prospective buyer to commit to signing a “touring agreement.”
The written agreement must clearly state in readily ascertainable terms how much compensation the buyer broker is going to request from the buyer.
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