As a Buyer looking to buy a property in Hawaii, you must sign a Buyer’s Representation Agreement with a real estate agent, even before seeing a home or property. As cited from the NAR website: “Beginning August 17, 2024, an MLS Participant “working with” a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours.” While it is still pending approval, this could be a game-changer for Buyers and Sellers. As a Buyer, you can choose to pay your real estate agent for their services. Just to be clear, Buyers have always had the option to pay real estate agents for their services, but typically the real estate Buyers’ fees are paid by the seller-side agent Brokerage. Don’t worry if you’re confused, we are too. There are so many questions, but we hope to stumble through them together.
What we know is: first an agreement must be signed with the following terms. Who is going to pay for the Buyer’s agent fees? The Buyer can choose to pay the fees, or the Buyer can choose a Seller to compensate the Buyer’s representative. If the Buyer chooses to pay for the fee… What amount will that be? How long is the agreement, and what will be provided for the services? Again, a lot of this is new information to us as well, and we hope to get more information and clarity as we get closer to the date. For further information you can check out the NAR website for a more detailed article.
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