A New Requirement in Real Estate was contributed by Jenn Eddleman, Broker/Seniors Real Estate Specialist, of Windermere Real Estate. This has been published in Vibrant Senior Options Resource Guide Magazine, Fall, 2024
If it’s been a while since you last purchased or sold a home, and you’re ready to buy again, you may find that the process has changed quite a bit.
Written Services Agreement
One of the big changes, enacted at the Washington State level as of the 1st of January of this year, is the new legal requirement for agents to have a written services agreement with clients “before, or as soon as reasonably practical after, performing real estate services.” This means that, even before showing you a home, a broker must have you fill out and sign a Buyer Brokerage Services Agreement. It must include the following information, which you will negotiate with your agent:
- The term (length of time) of the agreement
- The geographical areas (or even properties) where the agent will represent you
- The name of the agent
- Whether the relationship is exclusive or non-exclusive
- Whether you agree to allow the agent to act as a limited dual agent
- The terms of agent compensation.
Signing Contracts with Buyer Agents
The introduction of this new form may create some confusion with buyers who are not accustomed to signing contracts with buyer agents and have not previously been asked to compensate their agents directly. Your buyer’s agent can help explain ways to minimize, or in many cases eliminate, out-of-pocket expenses for the buyer.
Reach Out to an Agent You Trust
Whether you’re embarking on a new home-buying adventure, or you would like to know more about how real estate buying and selling processes are changing, don’t rely on confusing headlines and potential misinformation. Real Estate agents are right in the middle of it and adjusting their work practices to meet the new guidelines, which makes them the best people to answer your questions. Reach out to an agent you know, like, and trust, and ask to have a conversation about the new forms and the latest changes in the real estate world.
Jennifer Eddleman, Realtor, SRES
Full Time Realtor
Senior Real Estate Specialist
E-Mail: jenneddleman@windermere.com
Vibrant Senior Options Resource Guide Magazine
