Are you considering attending an open house in New Jersey? Before you step through the door, it’s essential to be informed. As of August 17, 2024, many real estate professionals across the country will request that buyers sign a written agreement before touring a home. However, if you’re simply visiting an open house on your own, here’s what you need to know:
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No Agreement Required for Open Houses: If you're attending an open house without a Realtor®, there's no need to sign a written buyer agreement. Open houses are an excellent opportunity to explore properties without commitment.
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When Will You Be Asked to Sign?: Once you begin working with a Realtor®—meaning they've started helping you identify properties or arrange tours—you'll be asked to sign a written buyer agreement. This agreement ensures clarity and transparency in your home-buying process.
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Understanding the Tour: A "tour" refers to the moment when you, accompanied by your Realtor®, enter a property for sale. It includes virtual tours provided by your agent. This is when your written agreement comes into play.
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Your Rights: Written buyer agreements outline the services your Realtor® will provide and the compensation they will receive. Remember, these agreements are negotiable. You should only sign if you fully understand and agree with the terms.
For more detailed information, check out the full Consumer Guide on Open Houses and Written Agreements.
At NCJAR, we encourage all homebuyers to consult a licensed Realtor® to guide them through the home-buying journey. A Realtor® offers invaluable expertise, helping you navigate the complexities of real estate transactions with ease. Ready to take the next step? Find a Realtor® who can help you today!
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