NAR Settlement Reality

The National Association of REALTORS settlement doesn't change much in Texas. REALTORS and our brokers in Texas already adhered to a Code of Ethics and clearly stated who we represented and could negotiate compensation. What has changed?

• The representation agreements for both Buyers and Sellers have new text added to reassert that compensation is negotiable.

• A Buyer representation agreement must be signed before touring homes. No REALTOR can open a door without a representation agreement.

• A new document is required in each residential transaction to acknowledge agent compensation terms. The Addendum Regarding Brokers' Fees is signed by both the Buyer and Seller and becomes part of the contract to purchase residential property.

• Open houses remain the same. Represented clients and customers without a representation agreement can still visit open houses without additional paperwork. I'll have plenty of cookies and treats for everyone!

If you have any questions about these changes, please call, text or email me.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
dfwmark@kw.com
DFWmark.com

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