What changes can you expect when buying a home in Arizona

August 1, 2024

Starting August 1, 2024 when buyers are working with a Realtor, you will need to sign a written representation agreement with your Realtor prior to touring a home.

What is needed in the agreement?

• A specific disclosure of the compensation the Realtor will receive or how this amount will be determined.

• The compensation cannot be open-ended for example: buyer broker compensation shall be the amount the seller is offering to buyer is not acceptable.

• The agreement prohibits the agent from receiving compensation for service that exceeds the amount or rate agreed to in the agreement, unless the buyer and buyer’s Realtor agree to amend the agreement.

• A statement in the agreement that the Realtor’s compensation is negotiable and are not set by law.

Basically, you are hiring your Realtor like a seller hires a listing broker. There are two types of Buyer Broker Agreements in Arizona one is non-exclusive and one exclusive agreement.

If you are considering buying a home, make sure the Realtor you are hiring, has experience, negoiation & contract skills, the ability to find the right house for the right terms and guides you through the complicated transaction.

For a buyer consultation, please contact:

Michelle Quackenbush with Lucky Duck Realty

602-999-2627 – LuckyDuckTeam@gmail.com