As of January 1, 2024 Buyer Broker Services Agreements are now Required in Washington. This is due in part because the DOJ sued the National Association of Realtors to the tune of $418,000,000+, and it is still ongoing.
The DOJ has accused the real estate industry for promoting anti-competitive practices and inflated commissions. The Buyer Broker Services Agreement improves transparency and consumer protection for both buyers and sellers.
Before signing a Buyer Brokerage Services Agreement with any Buyer’s Agent, make sure you understand the implications of this agreement. You may view a copy of this form below.
Once you have signed the Buyer Broker Services Agreement (Form 41) with a Buyer’s Agent you can now find your perfect property! In the event that the seller is offering more Compensation then your Broker is charging your Broker will fill out Form 41C which instructs the Escrow officer how to apply the credit.
If your lender approves you can chose to put the credit towards your closing costs. If not, you can chose to put it towards a price reduction or something else you choose.
You may view a copy of this form below.
This is truly a win-win for consumers!
If you have any questions about the Buying process, please contact me using the contact form, email or call.
Real Estate By You - Christy Lee-Naumann
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