1. New Requirement for Buyer Brokerage Agreement 

January 2024: Buyer Broker Agreements Required by the State!

Brokers and clients must enter into a service agreement.

This is no longer an option for brokers.

What is a service agreement? A written listing or buyer broker agreement.

Why is this mandatory? Consumers asked for this change to ensure transparency between the parties as for commission earned by the broker and services expected by the client.

Expiration Date

A date specific for the expiration of the agreement.

The Search Area

Define the boundaries for the buyer’s search.


The agreed upon fee paid to the broker and how it is delivered.

Exclusive or Non-Exclusive.

Define Limited Dual Agency.

Other Terms of Agreement.

State Law now requires the Broker to have a Buyer Agency Agreement signed by all parties

2. Have you heard about the National Association of REALTORS® Lawsuit?

The Short Version

The Northwest MLS and Realty Executives are not named in the suit.

Seller’s sued NAR and 4+ of the largest real estate companies for price fixing and lack of transparency

They also added  that posting the selling office commission offered by the seller would cause brokers and buyers to boycott their homes. 

The 1st suit was filed March of 2019 and they may have just settled March 2024.

The settlement is waiting for the judges review and approval.

If approved, the new NAR rules in the settlement will be in effect mid-July 2024.

So, what are the new rules to be in effect in July of 2024?

The new rule requires buyer agents and buyers to authorize a Buyer Agency Agreement before broker delivers real estate services.

      • On the form the parties agree on an expiration date, the search area, the agent’s duties, agent’s compensation and how it will be paid, and a few other points that might affect the relationship.
      • This will mean that here is an agreement signed before the broker;  Shows homes, helps buyers with strategies and the buying process, and writing and presenting offers.

The Buyer Broker Commission will no longer be posted online for brokers or buyers to see. 

  • Sellers felt pressured to offer competitive fees to buyer agents or their properties might not be shown to buyers.
  • Sellers also said that they had no idea that commissions were negotiable.

The settlement adds that a seller may offer a “seller concession” published in the MLS and syndicated sites.

  • The concession from the seller is credited towards buyer’s allowable closing costs.
  • Nowhere can the offer be subject to or paid toward the buyer’s obligation to pay the buyer broker fee.

Contact your favorite broker to see what this will mean to you.