Basic changes in real estate transactions in America:
You may be aware that the way real estate agents pay commissions in America has changed since August 17, 2024. But are you aware of the details of these changes? In the past, the seller paid his agent’s commission as well as the buyer’s agent. This amount of commission was expressed in advertisements or so-called home listing information on online sites. But since August 17, this law has changed. Not only will the buyer’s agent commission amount no longer be in the online information, but the buyer’s agent commission payment method has become more complicated.
The main changes in how to pay agents’ commissions:
After August 17th, buyers and sellers are each responsible for paying commissions related to their agents (unless otherwise agreed upon in the contract).
Different types of buyer agent commission payment agreements will be available in the market (percentage, fixed fee, fee per home showing, etc.).
Buyers must sign a written agreement with their agent before visiting the property.