The recent National Association of Realtors settlement introduces important updates for buyers. Before touring homes, buyers must now have a formal Buyer Representation Agreement with their agent (see sample BBA ), outlining the broker’s compensation and allowing room for negotiation.
This shift also impacts how commissions are handled, giving sellers and brokers more flexibility outside the MLS.
For full details on how these changes may affect you, read the analysis by Professor of Law Tanya J. Monestier, which covers key terms buyers should be aware of: Report on Buyer Representation Agreements Post NAR Settlement