Real estate changes begin this week

(WKBN) — It’s been months in the making, but some significant changes will be coming to the home real estate industry. Starting this Saturday , would-be buyers will need to complete what’s being called a buyer/broker agency agreement.

The new nationwide requirement arises from the settlement of a class action lawsuit filed over fees and commissions between a seller, a buyer and their agents with the National Association of Realtors.

“It will be spelled out exactly, you know, putting a value on your services and what you will be paid representing the buyer,” said Michael Stevens with the Youngstown Columbiana Association of Realtors.

One exception to this rule will be open houses — you won’t need to sign anything just to look at a house that’s on sale. But as soon as you decide to make an offer, you’ll have to sign that buyer/broker agreement.

Agents stress the new regulations may not have much effect on the ultimate price of a new home, and both buyers and sellers will still be able to negotiate the amount each pays in fees. It will just now all have to be on paper.

“Whether they, you’ve been working with them for two years or two months, they have to sign an agency agreement,” said Janice Stevens with the Youngstown Columbiana Association of Realtors.

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