In Alabama, buyer representation agreements are becoming a focus due to recent changes in the National Association of Realtors (NAR) settlement. Agents report minimal client issues regarding the timing of these agreements. Current law mandates a written disclosure prior to any confidential client information being shared. House Bill 230 aims to align the NAR settlement with state law, allowing consumers to voluntarily enter agreements after receiving disclosures, ensuring they are not pressured to sign prior to viewing properties. Overall, consumer-agent relationship establishment is emphasized, addressing complaints about premature commitments.
Under current state law, real estate professionals must provide clients with a written disclosure for describing the types of brokerage services, as required by the state's Real Estate Consumers Agency and Disclosure Act (RECAD), prior to a consumer disclosing any confidential information.
If passed, the bill would provide that after the state-mandated disclosure, a consumer can enter into a buyer representation agreement with their agent if they choose, but they are not required to enter into a written brokerage agreement as a prerequisite to the real estate professional showing them a property.
You want to be able to establish a relationship with a professional you're going to be working with. That's one of the biggest complaints from consumers, Jeremy Walker, the CEO of Alabama Realtors, said.
They may see a property listed, or know someone and want to work with them and see a property, but they don't want to be forced into a buyer agreement too soon.
Collection
[
|
...
]