7 Day Non-exclusive Risk Free Touring Agreement

As of August 17, 2024, new rules from the National Association of Realtors (NAR) require home buyers to sign a buyer broker agreement (BBA) before they can tour properties. This change aims to increase transparency and fairness in real estate transactions.

Here are some key points about the new rules:

1. Written Agreement: Buyers must enter into a written agreement with their broker before viewing homes, including both in-person and virtual tours.

2. Commission Disclosure: The agreement must clearly specify the broker's compensation, which can be a flat fee, percentage, or hourly rate. It cannot be open-ended.

3. Negotiable Commissions: Broker commissions are not set by law and are fully negotiable.

4. Multiple Agreements: Buyers should be cautious about signing multiple BBAs, as they might owe commissions to multiple brokers.

5. Broker Services: The agreement should clearly outline the services the broker will provide.

While these changes are part of a broader effort to make the real estate process more transparent and consumer-friendly, they also can create some anxiety and concerns from home buyers about signing a contract with a committment to pay a commission to a broker.  

The solution to this is what I would call a Risk Free Test Drive period to meet the broker, view some properties and make sure that we all agree that we want to continue working together to locate and purchase a home.  This is accomplished with the Non-exclusive 7 Day Touring Agreement below. 

At the end of the 7 days you can choose which home buyer plan if any works best for you and a formal broker buyer representation agreement can be drafted and signed. 

The goal is to provide complete transparancy and give buyers peace of mind throughout the whole home buying process.   

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