In August 2024, California will introduce new real estate laws aimed at improving transparency and fairness in the home buying process, particularly concerning how agents represent buyers. These changes are designed to empower consumers with clearer information and protect their interests throughout the transaction. Let’s learn about how these changes will affect Marin County homeowners and real estate buyers alike!

Clearer Information for Buyers

Under the new laws, real estate agents must provide more comprehensive disclosures upfront. This includes detailing the services they will provide, any potential conflicts of interest, and how they will be compensated. For buyers, this means having a clearer understanding of what their agent will o for them and how the agent’s compensation works.

Updated Buyer-Broker Agreements

One significant change is the Buyer-broker agreement, which buyers must sign with their agent. This contract outlines the terms of the relationship, including who the agent represents (the buyer, the seller, or both), how the agent will be compensated (through commission from the seller or directly by the buyer), and the responsibilities of both parties. It ensures that both buyers and agents have a clear understanding of their roles and obligations from the outset of the home buying process.

Contracts to View Properties

Effective August 13, 2024, most California home shoppers will be required to sign contracts with their agents before viewing properties. These contracts, often part of the Buyer-broker agreement, may include provisions binding buyers to pay their agent’s commission if the seller does not cover it. This requirement aims to formalize the relationship between buyers and agents early in the process, ensuring clarity on compensation expectations.

What It Means for You

These legislative changes are expected to streamline the home buying process in California, offering greater transparency and protection for buyers. Working with a reputable real estate team like Team Brody ensures that you have knowledgeable guidance through these new regulations, helping you navigate the complexities of real estate transactions in Mill Valley and Marin County with confidence. If you have questions about how these new laws will impact your home buying or selling experience, contact Beth Brody today. We’re here to provide expert advice and support as you navigate the evolving landscape of Marin County real estate.