As of August 17, 2024, many real estate professionals nationwide will ask buyers to enter a written agreement before touring a home. But what if you are 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 to tour the home?
No. You do not need to sign a written buyer agreement when visiting an open house or asking a real estate professional about their services.
Is an agent 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 provides 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 buyer access to a home they have listed—are not considered to be working with the buyer.
What does it mean to "tour" a home?
Under the settlement terms, a "tour" occurs when a buyer working with an agent enters a home for sale or directs their agent to enter the house on their behalf. This includes when the buyer's agent provides a live, virtual tour to a buyer who is not physically present.
What is the purpose of written buyer agreements?
Clarity and transparency. Written buyer agreements outline your real estate professional's services and what will be paid. Buyers should only sign things that include terms they agree with or understand. You are in the driver's seat with these entirely negotiable agreements.
Where can I learn more about buyer agreements?
NAR has created a dedicated resource on written buyer agreements here.
Practices may vary based on state and local law. Consult your real estate professional and an attorney for details about state law where you purchase a home. Please visit facts. realtor for more information and resources.
