When you’re visiting an open house, you may wonder whether you need to sign a written buyer agreement before stepping inside. As of August 17, 2024, real estate professionals may ask you to sign a buyer agreement before working with them on home tours. However, if you’re simply attending an open house on your own, no agreement is necessary. Once you start receiving personalized services from an agent, such as property tours or negotiations, you will be required to sign one. This ensures transparency and clarity between you and your agent about expectations, roles, and compensation.
What Does a Written Buyer Agreement Do?
A written buyer agreement establishes the professional relationship between you and your real estate agent. It lays out the services your agent will provide and their compensation. Importantly, these agreements are fully negotiable, so you can discuss any terms that don’t meet your expectations or needs. The agreement is designed to protect both parties and to clarify the scope of work and payment details upfront.
Do You Need One at an Open House?
Attending an open house as a casual visitor doesn’t require a written agreement. The agent hosting the open house is there on behalf of the seller and doesn’t need to establish a formal agreement with you as a potential buyer. However, when you begin receiving services, such as scheduled property tours or contract discussions, a written agreement ensures both parties are on the same page about the transaction.
Why Transparency Matters
Written buyer agreements are designed to promote transparency and prevent any misunderstandings later in the process. These agreements define not only the services provided but also the agent’s compensation, ensuring you know what to expect.
If you’re ready to start working with a dedicated real estate professional, or if you have questions about buyer agreements, contact me at www.labradarealty.com, email albert@labradarealty.com, or call 786-290-3594.