What are the new real estate industry regulations that will affect sellers and buyers starting August 2024?
By Nancy Moore, Assoc.Broker/Realtor In my hometown of Needham,MA
(Gibson Sotheby's International Realty)
Starting in August 2024, there are several important regulatory changes in the real estate industry that will impact both sellers and buyers. One key change involves the requirement for buyers to sign a buyer agency agreement. This agreement clarifies the relationship between the buyer and their agent, ensuring that both parties understand the terms of their engagement. Another important change affects how commissions are handled by Multiple Listing Services (MLS). Previously, it was common for the seller's agent to offer compensation to the buyer's agent through the MLS. However, with the new regulations, this practice will be altered, giving buyers both more transparency and more responsibility in negotiating their agent's fee directly. It is advisable for both parties to consult wit...
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