This public service announcement is brought to you by the fine folks at Raytheon....
Joking, but one if the most front facing changes stemming from the NAR Settlement (National Association of Realtors) is the required use of a disclosure form. Agents must present and buyers must sign if they are to tour homes with the agent, realtor pre-agency .
Here is a copy that I edited to include that I charge $0 (Zero) for showings.
What this form discloses is that until the agent and the buyer sign an agreement of agency, the agent has no authority (but still a duty to be a professional) to act on your behalf. The relationship is not contractual yet.
Let's define what agency, or being an agent means. Looking at Merriam-Webster's the definitions are as follows:
1: one that acts or exerts power
2 a: something that produces or is capable of producing an effect : an active or efficient cause
b: a chemically, physically, or biologically active principle
3: a means or instrument by which a guiding intelligence achieves a result
4:one who is authorized to act for or in the place of another
a: a representative, emissary, or official of a government
b: one engaged in undercover activities (such as espionage)
c: a business representative (as of an athlete or entertainer)
In the case of a real estate agent, we are being authorized by you, the buyer or seller to act on your behalf.
We write offers and draft listings for you, we negotiate for you, we advertise for you and so on. We can only do that if you have agreed to give us the power to do so. The agency to act on your behalf. The new required form simply states (and restates) that distinction. So if you're wondering why pen and paper has to be brought in for a showing, there you are.
Now tour away! Roman, an agent just try'in to make it.
NAR Settlement disclosure, realtor pre-agency
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