Gov. Gavin Newsom's signing of Assembly Bill 2992 establishes a three-month limit on real estate contracts between buyers and agents, aligning California with other states in requiring buyer-representation agreements. This move stems from a recent National Association of Realtors settlement that mandates such agreements, making it easier for consumers to have effective control over their real estate dealings and ensuring more transparency in transaction processes.
Before the new legislation, only 40% of buyers had written agreements with their agents. With the new law, real estate transactions in California will ensure buyer representation through necessary agreements, reinforcing consumer protection amidst a changing market influenced by the National Association of Realtors' decision post-lawsuit.”},{
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