CONSUMER GUIDE: WHY AM I BEING ASKED TO SIGN A WRITTEN BUYER AGREEMENT?
CONSUMER GUIDE: WHY AM I BEING ASKED TO SIGN A WRITTEN BUYER AGREEMENT? If you’re a homebuyer working with an agent who is a REALTOR®, it means you are working with a professional ethically obligated to work in your best interest. As of August 17, 2024, you will be asked to sign a written buyer agreement after you’ve chosen the professional you want to work with. Here’s what you should know about these agreements: What is a “written buyer agreement?” What does it do? A written buyer agreement is an agreement between you and your real estate professional outlining the services your real estate professional will provide you, and what they will be paid for those services. Why am I being asked to sign an agreement? Written buyer agreements became a nationwide requirement for many real estate professionals as a part of the National Association of REALTORS®’ proposed settlement of litigation related to broker commissions. The requirement went into effect on August 17, 2024. Are these agreements new? In some places, yes. Many states have required them for years, while some have not. As a result, it is entirely possible you or others you know have not used them in the recent past. Regardless, they are now a nationwide requirement for many real estate professionals. Are these agreements negotiable? Yes! You should feel empowered to negotiate any aspect of the agreement with your real estate professional, such as the services you want to receive, the length of the agreement, and the compensation, if any. Compensation between you and your real estate professional is negotiable and not set by law. In the written agreement, the compensation must be clearly defined (e.g., $0, X flat fee, X percent, X hourly rate)—and not open-ended or a range. Only sign an agreement that reflects what you have agreed to with your real estate professional. How do I benefit from these agreements? These agreements clearly lay out what services you (as a homebuyer) expect your real estate professional to provide, and what your real estate professional will be paid. These agreements make things clear and reduce any potential confusion at the outset of your relationship with your real estate professional. When do I need to sign an agreement? You will be asked to enter into a written buyer agreement with your real estate professional before “touring” a home with them, either in-person or virtually. If you are simply visiting an open house on your own or asking a real estate professional about their services, you do not need to sign a written buyer agreement. Does this mean I have to pay my real estate professional out of pocket? Not necessarily. While you are responsible for paying your real estate professional as outlined by your agreement, you can still request, negotiate for, and receive compensation for your real estate professional from the seller or their agent. Do agreements dictate a specific type of relationship I need to have with my real estate professional? No—you are allowed to enter into any type of business relationship with your real estate professional allowed by state law where you live. Can I change or exit an agreement? Yes. You and your real estate professional can mutually agree to change your agreement. Agreements may have specific conditions under which they can be exited, so read the text of the agreement and speak with your real estate professional if you would like to change or exit your agreement. Practices may vary based on state and local law. Consult your real estate professional and/or consult an attorney for details about state law where you are purchasing a home. Please visit facts.realtor for more information and resources.
Florida Keys Sandbars & Marathon Sandbar Coordinates: Your Ultimate Guide
Florida Keys Sandbars & Marathon Sandbar Coordinates: Your Ultimate Guide Looking for the best Florida Keys sandbars and reefs? Whether you're a seasoned mariner or a land-lover dreaming of crystal-clear waters, these top sandbars and reefs in the Florida Keys are your gateway to an unforgettable adventure. Get ready to explore the most scenic and popular sandbars with these must-visit coordinates! Top Florida Keys Sandbars & Reefs – Mark These on Your Map! Sombrero Reef (Marathon Sandbar Coordinates): 24.6265° N, 81.1108° W Grassy Key Sandbar (Florida Keys Sandbar Coordinates): 24°44'26.7″N, 80°58'25.2″W Coffins Patch Reef: 24.6951° N, 80.9495° W Sombrero Beach: 24.6923° N, 81.0855° W Looe Key: 24.6618° N, 81.4069° W Whale Harbor Sandbar: 24.9364° N, 80.6125° W Whether you're searching for Marathon sandbar coordinates for your next boating trip, the best snorkeling reefs, or just a peaceful spot to anchor and relax, these destinations offer breathtaking beauty and endless adventure. Pack your gear, set your GPS, and discover why the Florida Keys sandbars are the ultimate paradise for boaters and explorers alike!
The Ethical Agent: Florida Keys Edition
Is It a Code of Ethics Violation to Withhold an Accepted Offer? Shannon Allen of Florida Realtors wrote an interesting article about this question. Below is my synopsis for those Keys agents who want to stay at the top of their game. Question: A listing broker didn’t disclose an accepted offer to a buyer’s broker to keep attracting offers for their seller. The second buyer’s offer was then used to push the first buyer into waiving their contingency. The second broker, unaware of the first offer, filed a complaint. Was this a violation? Answer: Yes. While promoting a seller’s interests is essential, NAR’s Code of Ethics requires brokers to treat all parties honestly. Key Ethics Rules: Article 3: Realtors® must cooperate with other brokers unless it’s against their client’s best interest. Standard of Practice 3-6: Realtors® must disclose accepted offers, even with contingencies. Article 1: Realtors® must promote their client’s interests but cannot mislead others. What Went Wrong?The broker misled the second broker by not disclosing the accepted offer, violating SOP 3-6. While the seller benefited, honesty was compromised. Article 1 doesn’t override Article 3—both must be followed. Lesson: Always disclose accepted offers to avoid ethical violations while still advocating for your client. If you took the time to read this post, Congratulations, you are an agent at the top of the game!
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