Buyer Agency Brokerage Services

Did You Know?

Major Changes Took Place on How Buyers Work with Residential Real Estate Brokers in 2024.

The Washington State Real Estate Agency Law that governs real estate brokerage relationships (RCW 18.86), was significantly revised. There are quite a few changes, and the WhyWeLoveSkagit Team is prepared!

Overall, the law states that, beginning January 1, 2024, Buyers working with brokerages to provide real estate services must enter into a “Buyer Agency” contract. This mimics the long-standing tradition of Sellers entering into listing contracts with real estate brokerages to sell their home. This new Buyer Agency contract must be entered into as ‘soon as feasibility possible’ once real estate services are provided.

If you work with a real estate brokerage in Washington State and you intend to purchase residential real estate, a Buyer Agency contract is now required by law.

Refer to the Real Estate Brokerage in Washington pamphlet here:

2024 Real Estate Brokerage in Washington Pamphlet

Buyer Brokerage Services Agreement must be signed before engaging in real estate practices. Take a look at a copy here:

2024 Buyer Brokerage Services Agreement – Form 41

Take a look at our brief two-minute video for an overview (turn up your volume!):

Now more than ever, it is important to work with long-term knowledgeable brokers who excel in this process. This is a great change that will allow Buyers to choose wisely and have more knowledge of the process.

CAUTIONS:

• DON’T sign anything until you know your broker.
• When visiting ‘real estate’ websites out there, DON’T click on “Schedule Tour” or “Request a Tour”.
• Use caution attending Open Houses unless you have a signed Buyer Agency Agreement. While a Buyer Broker may be holding the Open House and could potentially be someone you want to create a relationship with to purchase a property, Listing brokers holding Open Houses represent the Seller, not the Buyer.

In any of these above events, you will likely be asked to enter into a contract without knowing the Broker and these contracts can be extensive and last for extended periods.

Questions? We are here and happy to answer. We want you to feel comfortable and confident with your representation.