Are you preparing to buy a home in Rhode Island? Do you know why a written buyer agreement is now required before touring homes?

The 2024 National Association of REALTORS® (NAR) Settlement has introduced new requirements that every Rhode Island homebuyer needs to know. At The Slocum Home Team, we’re here to explain how written buyer agreements protect you and enhance your home-buying experience.

What is a Written Buyer Agreement?

A written buyer agreement is a legally binding document between you and your REALTOR®. It outlines the services your REALTOR® will provide, the professional service fees involved, and the terms of your working relationship.

As of 2024, signing this agreement is required before any home tours, ensuring transparency and accountability in the real estate process.

Why is a Written Buyer Agreement Required?

The 2024 NAR Settlement introduced this requirement to:

• Increase Transparency: Buyers now have a clear understanding of their relationship with their REALTOR®.

• Enhance Consumer Protection: The agreement ensures both parties are accountable and that your interests are prioritized.

• Promote Fair Practices: REALTORS® must disclose their professional service fees upfront, avoiding surprises later in the process.

Benefits of a Written Buyer Agreement

1. Clear Expectations

• The agreement specifies the services your REALTOR® will provide, from property searches to negotiating offers and guiding you through closing.

• You’ll know exactly what to expect, eliminating any guesswork.

2. Professional Service Fee Transparency

• The agreement clearly outlines how your REALTOR® will be compensated. Fees are always negotiable and can be structured to:

  • Be paid by the buyer.

  • Be covered by the seller as part of your offer.

  • Be shared between both parties.

• This ensures you’re fully informed and can make decisions that align with your budget.

3. Flexibility with “The Slocum Difference”

• At The Slocum Home Team, we’ve added a unique provision to our agreements:

  • Cancel Anytime: You can cancel the agreement at any time before signing a Purchase & Sales Agreement without penalties or fees.

  • No Retainer Fees: We don’t charge upfront fees, making the process risk-free for you.

4. Accountability and Trust

• By formalizing your relationship with a REALTOR®, both parties are held accountable to the agreed-upon terms.

• At The Slocum Home Team, we’re committed to earning your trust every step of the way.

Frequently Asked Questions

Q: Do I have to sign a buyer agreement before speaking with a REALTOR®?
A: No. You can consult with a REALTOR® and ask questions before signing. However, the agreement must be in place before any home tours.

Q: Can I cancel the agreement if I change my mind?
A: Yes! With "The Slocum Difference," you can cancel the agreement at any time before signing a Purchase & Sales Agreement, with no penalties or fees.

Q: How are professional service fees paid?
A: Fees are fully negotiable and can be structured to be paid by the buyer, covered by the seller, or split between both parties.

Why Choose The Slocum Home Team?

Navigating these changes can feel overwhelming, but The Slocum Home Team is here to simplify the process. Here’s what sets us apart:

• Local Expertise: With decades of experience in Rhode Island, we know the market inside and out.

• Transparency: Our agreements are clear and straightforward, ensuring you’re fully informed.

• Flexibility: "The Slocum Difference" offers unmatched peace of mind, allowing you to cancel at any time without penalties.

Ready to Get Started?

Understanding the importance of a written buyer agreement is the first step in your home-buying journey. Let The Slocum Home Team guide you through this process with transparency, expertise, and a commitment to your success.

Contact us today to learn more about written buyer agreements and start your search for the perfect home in Rhode Island. Call or visit our website to connect with one of our experienced REALTORS®.