Whether you’re a first-time real estate buyer or you bought or transferred property in Palm Beach County or Port St. Lucie, you’ll want to know the current provisions of a buyer’s agent agreement that went into effect last year.
A buyer’s agreement in real estate is a pact between a buyer and a licensed real estate agent, in this case Lang Realty. That means your agent agrees to work on your behalf, and you can rely on both your broker’s and agent’s real estate expertise.
As of August, 2024, the National Association of REALTORS trade association settlement included changes between agents and buyers that benefit homebuyers.
“An Exclusive Buyer Broker Agreement (EBBA) is a legally binding contract between you, the buyer, and a real estate agent or brokerage. It outlines the rights, responsibilities, and expectations of both parties throughout your home-buying journey,” according to the NAR. “Now a buyer broker agreement is required before touring a property, even virtually. They’ll guide you through every step of the process, from property search to closing. The agreement specifies the duration of the agent’s representation, typically a few months and outlines how either party can terminate the agreement before the end of the term.”
What’s the benefits of having an EBBA? Several. For instance, your agent is your sole source of communication with sellers and other parties, and is also legally obligated to disclose any conflicts of interest.
Is a buyer broker agreement required in Florida?
“In Florida’s competitive market, having a dedicated advocate on your side is invaluable,” according to the experts.
Do you have to sign a buyer’s broker agreement?
This is a legally binding contract, not just a handshake. But you’ll have wiggle room. “Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals,” according to the NAR.
