Gov. Gavin Newsom signed Assembly Bill 2992, limiting homebuyer-agent contracts to 90 days, ensuring buyers must consent for renewals every three months.
This new law places limits on agreements that arose from the National Association of Realtors legal settlement aimed at combating inflated agent commissions.
California joins 28 states implementing mandatory buyer-broker contract laws, requiring homebuyers to have representation agreements with their agents.
The NAR settlement shifts the financial responsibility for buyer agents to the buyers, unless buyers can negotiate for sellers to cover these costs.
#real-estate-law #homebuyer-protections #consumer-rights #gavin-newsom #national-association-of-realtors
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