Buyer FAQ
In 2024, the Real Estate industry experienced a major shift. New industry wide requirements were put in place. For a full explanation, we advise that you call to discuss the changes. Meanwhile, the following FAQ may answer some of your questions.
Am I required to sign a Buyer Brokerage Agreement?
Yes. As of August 2024, all Realtors are required to enter into a Buyer Brokerage Agreement prior to showing property to a prospective buyer, in person or virtually. Therefore, if a buyer wishes to engage the services of any Realtor, they must first enter into a Buyer Brokerage Agreement.
Is your Buyer Brokerage Agreement Exclusive?
No. The Katz Group has designed our Buyer Brokerage Agreement to be non-exclusive. Please be aware, some brokers require you to sign an exclusive agreement. If you have already signed a Buyer Brokerage Agreement with another broker, you should review the terms of that Buyer Brokerage Agreement.
Am I responsible for paying a commission/fee?
Maybe.
- Buyer Brokerage Agreements are required to state the maximum commission/fee a buyer may be responsible for paying.
- The Buyer Brokerage Agreement states a buyer is responsible to pay RE/MAX Direct a commission of 3% of the purchase price; however, in many cases, the seller or listing broker will pay a buyer brokerage commission/fee to RE/MAX Direct. For example;
- If the listing broker or seller pays RE/MAX Direct 2.5% of the purchase price, the buyer is only responsible for paying RE/MAX Direct the additional .5% of the purchase price.
- If the listing broker or seller pays RE/MAX Direct 3% of the purchase price, the buyer is NOT responsible for paying RE/MAX Direct any commission.
Will I know prior to making an offer if the seller or listing broker is willing to pay the buyer's brokerage commission/fee and how much they will pay?
Yes. Most importantly, you will be able to adjust your offer accordingly so YOU are in complete control of your out of pocket expenses.
Can a seller or seller's broker pay RE/MAX Direct more than the agreed upon commission fee stated in the Buyer's Brokerage Agreement for services provided to the buyer?
No, however if RE/MAX Direct is also the listing broker, we may receive compensation for services provided to the seller.
Are real estate commissions and fees negotiable?
Yes
Does your Buyer's Brokerage Agreement have a set term, and do I have the ability to terminate it?
Yes, it is required that Buyer Broker Agreements have a term. Our term is 6 months; however the agreement can be terminated at any time by either party.
Can I see a copy of your Buyer's Brokerage Agreement?
Of course. We believe in full transparency.
CLICK HERE to view a printable copy of this FAQ and our Buyer's Brokerage Agreement.
I'm confused. What should I do?
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