As of August 17, 2024, the National Association of REALTORS® Sitzer-Burnett class action lawsuit settlement requires MLS participants, working with buyers, to enter into a written agreement with the buyer prior to touring a home, whether in person or virtually.
You will be asked to sign one of two different agreements: either a Buyer Broker Agreement to Show Property or a Buyer Broker Exclusive Employment Agreement. Both agreements contain common elements: 1) Both establish a beginning and end date for which homes can be shown. 2) Both establish the amount or rate of REALTOR® compensation upon successful close of escrow. 3) Both authorize Broker/REALTOR® to negotiate, locate, and show homes to buyer regardless of compensation.
Where the two documents differ is that under the Buyer Broker Agreement to Show Property you are signing a Non-Exclusive agreement; meaning you can sign as many agreements as you like and only the REALTOR® that represents you in the purchase of your home gets compensated. When you sign the Buyer Broker Exclusive Employment Agreement you are employing one REALTOR® for the purpose of finding your home; this is an Exclusive agreement and signing more than one could make the Buyer liable for multiple compensations.
No matter which REALTOR® you use you will be asked to sign one of these documents. This is not Brokerage specific or even State specific, this is being implemented across the nation as a result of the above-mentioned lawsuit settlement.
If you have further questions, please feel free to reach out to us.
