Gov. Gavin Newsom's signing of Assembly Bill 2992 limits real estate contracts to three months, enhancing consumer protection for homebuyers in California as part of a broader reform.
AB 2992 establishes that buyers and their agents must renew their representation agreements every three months, ensuring that both parties remain in mutual consent.
With AB 2992, California joins at least 28 other states in mandating buyer representation agreements, showcasing a growing trend to protect consumers in real estate transactions.
The National Association of Realtors' settlement, resulting from a federal class-action lawsuit, now makes it mandatory for buyers to have representation agreements, shifting commission responsibilities for buyers.
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