A house with desert landscape.
Those looking to buy a new home may need to sign a contract with a real estate agent beginning this month. This comes following new rules set into place from a class action antitrust lawsuit.
That means real estate agents and buyers will need to negotiate on terms.
“There was a lawsuit and it places certain requirements on members or licensees if they use certain tools. And if a licensee or member is using those tools, then they’re going to require a contract of buyers before touring a home," said Jim Knupp with the Arizona Department of Real Estate.
He also says there is importance in receiving consultation.
“If they don’t know who they would be working with, they would need to reach out to a licensee. The licensee would want to meet with them likely to have a buyer intake discussion and go over what representation is and what compensation expectations are," he said.
Knupp says such a contract is not required for open house showings.
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