Litigation filed or ongoing in various jurisdictions across the US
As of December 2023, buyer agency agreements will be mandatory in 18 states, each with different rules affecting aspects like dual agency, offering cooperative compensation, and disclosing fees. In 2024, more states are expected to introduce additional buyer agency agreements and laws on fee transparency.
This trend towards increased regulation and transparency in buyer agency agreements reflects a growing emphasis on consumer protection and ensuring buyers are fully informed and represented in real estate transactions. By requiring agents to disclose potential conflicts of interest, such as dual agency, and to be transparent about fees and compensation, states aim to create a more fair and equitable real estate market for all parties involved.
Buyer agency agreements can provide buyers with dedicated representation and advocacy throughout the home buying process, helping them navigate the complexities of the real estate market and negotiate the best possible deal. However, it is essential for buyers to carefully review and understand the terms of these agreements before signing, as they can vary significantly from state to state.
As the real estate industry continues to evolve and adapt to changing consumer expectations and regulatory requirements, we will likely see further developments in buyer agency agreements and fee transparency legislation in the coming years. Buyers should stay informed and work with experienced and knowledgeable real estate agents who can guide them through the process and protect their interests.
Here are the states that now require written buyer agency agreements
- Arkansas
- Alaska
- Georgia
- Idaho
- Maryland
- Minnesota
- Missouri
- Nebraska
- New Hampshire
- North Carolina
- North Dakota
- Pennsylvania
- South Carolina
- Utah
- Vermont
- Virginia
- Washington
- Wisconsin
Stay in the Know with GMS
Buyers need to understand the laws and regulations in their state regarding buyer agency agreements and fee transparency. By working with a reputable real estate agent and relocation management company, buyers can ensure their interests are protected and fully informed throughout the home-buying process. Global Mobility Solutions (GMS) is a reliable resource for expert guidance in real estate services. Stay informed by regularly checking their blog and contacting them with any questions. Buyers can confidently navigate the real estate market with the proper knowledge and support; reach out to GMS today to see how we can assist you and your employees in getting from point A to point B.
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Michael Barone
I have been a Global Business Development Manager and Global Account Manager since October 2022, supporting organizations in all aspects of their Global Mobility Programs. Before joining GMS, I worked for 18 years in Global Mobility. My experience ranges from Operations to Account Management for various client sizes and scopes. I have extensive experience with inter-company transfers and all assignment types for Global Cross Border policies.
