Buyer Agency Agreements
If you have not heard yet, as of January 1, 2024, there is a new Washington State law 18.86.040 that requires buyers to sign a Buyer’s Agency Agreement.
"The Bill includes a requirement that all brokers enter into a ’services agreement’ with any party to whom broker provides real estate brokerage services, including buyers. This agreement must be entered BEFORE or as soon as reasonably practical, after broker provides services”
"Service agreements must include provisions as in a listing agreement. It addresses the terms of the agreement, the name of the broker appointed as an agent for the principal, the terms of services and possibly paying the buyer’s broker commissions if the seller does not provide. This Buyer Agency Agreement must be acknowledged and initialed.”
The goal of this bill is to have listing brokers represent the seller and the buyer’s broker to represent the buyer. The statewide form is 41 & 41A.
The notion behind this is the seller pays their broker and the buyer pays their broker making it fair to each party.
If you have questions regarding this new law, please reach out today. Our real estate world is changing!
I love my job!
|
