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Old 08-05-2024, 11:53 AM
APovi APovi is offline
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Default Buyers Beware - Buying a Home Soon?

Home Buyers Beware!
Buying a home?
Your favorite Realtor is now 'handcuffed' by the ongoing NAR Lawsuit Settlement.
You will have to sign, first a "Pre-Showing Agreement", then the 'Showing Agreement" before you can look at any listings.
And also there is a "Compensation Agreement" which dictates how and how much they will be paid. (By You?)
The 'Showing Agreement' allows them to review your credit report, demands that you disclose the fact that you have or will be working with another Realtor and, what scares me most is this "indemnifying and holding the Broker harmless from losses, damages, costs, and expenses of any nature" because of (what they deem to be) your 'negligence, misrepresentation, or default on these agreements'.
Paying a Buyer Broker, though not typical, is nothing new.
These new forms are way too wide-ranging and complicated to spell out here.
If you use a Buyers Broker, you're on the hook for a fee.
They can't collect their fee, which exceeds WHAT YOU PROMISE THEM from anyone else, so it's likely to be a lot of money..
My advice, never sign anything without a prior review by your lawyer.
Also be aware that, while the Listing Realtor acts exclusively for the Owner/Seller, they are not required to use any of these forms, nor should they charge you a fee/commission.
Stay Safe !