Hey there, future homebuyers!

If you’re looking for a new home, chances are you’ll visit a few open houses.

It’s an exciting time, but it’s also important to approach open houses with a game plan. After all, you want to make sure you’re getting the most out of your visit and not missing any crucial details.

First, it’s always a good idea to do a little research before heading to an open house. Check out the neighborhood, the local schools, and any nearby amenities. This will give you a better sense of whether the location is right for you and your family. It’s also a good idea to have a list of questions ready for the realtor hosting the open house. Ask about the age of the home, any recent renovations, and if there are any known issues with the property.

When you’re at the open house, take your time to look around and get a feel for the space. Pay attention to things like the condition of the floors, walls, and ceilings, as well as the functionality of appliances and fixtures. Don’t be afraid to open cabinets, check for water damage, and test out light switches and faucets. It’s also a good idea to take note of any strong odors or signs of pests.

Now, let’s talk about working with a realtor. While you’re not required to sign a buyer’s agreement when visiting open houses, it’s something to consider if you find a realtor you really click with. A buyer’s agreement is a contract that formalizes the relationship between you and your realtor. It outlines the terms of your working relationship, including things like commission, duration of the agreement, and the realtor’s responsibilities.

Signing a buyer’s agreement can be beneficial if you’ve found a realtor who you trust and who has a good understanding of what you’re looking for in a home. It shows your commitment to working with that realtor, and in return, they’ll likely be more motivated to help you find your dream home. Just make sure to carefully review the terms of the agreement before signing and don’t hesitate to ask any questions or voice any concerns.

Defining key terms under the settlement in consumer-friendly language and helps to explain when agents are required to enter into written agreements with buyers and when they are not.

Here Are Frequent Asked Questions About Signing A Buyers Agreement That Is Now Federal Law When Working With A Buyers Agent:

As of August 17, 2024, many real estate professionals nationwide will be asking buyers to enter into a written agreement before touring a home. But what if you are just attending an open house?

Here’s what you should know:

I am attending an open house without an agent. Do I need a written buyer agreement in order to tour the home? No. If you are visiting an open house on your own or asking a real estate professional about their services, you do not need to sign a written buyer agreement.

Is an agent who is hosting an open house required to enter into written agreements with the potential buyers who attend the open house? No. In this case, since the agent is only there at the direction of the listing broker or seller, the agent is not required to have a written agreement with the buyers touring the home.

When will I be asked to sign an agreement with an agent? After you begin “working with” an agent and at any point before you tour your first house together.

What does “working with” an agent mean? A buyer is “working with” an agent as soon as the agent begins to provide services, such as identifying potential properties and arranging tours. Agents who are simply marketing their services or speaking to a buyer—at an open house or by providing a buyer access to a house they have listed—are not considered to be working with the buyer.

What does it mean to “tour” a home? Under the terms of the settlement, a “tour” is when a buyer who is working with an agent enters a home that is for sale or directs their agent to enter the home on their behalf. This includes when the buyer’s agent provides a live, virtual tour to a buyer not physically present.

What is the purpose of written buyer agreements? Clarity and transparency. Written buyer agreements lay out the services your real estate professional will provide and what they will be paid. Buyers should not sign anything that includes terms they do not agree with or do not understand. You are in the driver’s seat with these agreements, which are fully negotiable.

In the end, visiting open houses and signing a buyer’s agreement are all part of the exciting journey toward finding your perfect home. So go ahead, explore those open houses, ask plenty of questions, and when the time is right, consider signing on with a realtor who can help make your home-buying dreams a reality.

Happy house hunting!