Big Changes Coming in 2024

This year, Washington State passed a number of significant revisions to its Agency Law, which governs real estate brokerage relationships. These revisions are meant to modernize a ⚖️25-year-old law, provide additional transparency and protection to consumers, and acknowledge the importance of buyer representation.

Here are the major changes you should know about:

Starting on January 1st, 🏠buyers will be required to sign a Buyer Brokerage Service Agreement with the real estate agent they choose to work with, before they start touring homes.

What does the Buyers Agency Agreement do?

📝Establishes who you’re working with
📝How long you will be working together (i.e., the term)
📝If the relationship is exclusive or not (i.e., can you start working with other agents)
📝How the agent will be compensated
📝Traditionally, buyers’ agents are paid by a commission offered by the seller, but these new forms clearly outline how funds are distributed among all parties.

These revisions have been a long time coming, especially when you consider that Sellers have long been required to have an Agency Agreement with their chosen agent before listing their home. Now, Home Buyers need to have a similar agreement in place before the home shopping process can commence. I am excited about this change because, if anything, it enhances and clarifies the relationship between the home buyer and their preferred agent, rather than having agents show homes and write offers for buyers without any agreement in place.

Bigger picture ⤵️

➡️ It matters who you work with – and with these changes empower the consumer to choose their agent or agents t and clearly outline the nature of that relationship.

➡️ It’s another example of Washington State’s Agency Law being well ahead of the rest of the country. It provides more transparency and protection for consumers as they navigate what is often the largest financial transaction.

📞Call, text or DM me if you have any questions and know that I am always here to help.