The new real estate laws regarding the buyers agency agreement are significant. The requirement will be that a buyers twill have to have a buyers agency agreement in place before scheduling appointments and viewing homes. This is actually a great implementation! The reason why is because you will then have the loyalty, confidentiality, and trust that you wouldn’t have without it. That’s because, in SC, until you sign that agreement every Agent technically works for the Seller. It’s not until you have representation that you receive these duties and services. 

 

One of the most significant changes will be the the Buyer’s Agency. This new requirement, which was actually implemented in late 2023, means that purchasers will now be responsible for paying the Buyers Agent compensation. Unless, however, another agreement is reached between the buyers agent and listing agent.

 

One strategy I will use is to  include a clause in the addendum that voids the buyer from paying for services if the Seller/Seller's Agent is offering commission. This is strategy to protect you and your finances.  One way I will be able to protect you ,As a Buyer's Agent, I will need to communicate with each Listing Agent to determine if compensation is being offered, and then make decisions accordingly.

 

Working the buyer's agent compensation into the agreement to buy and sell is another option to consider, and there will be strategies to help buyers avoid incurring these costs. However, there may still be situations where buyers end up paying these fees.

 

As a Listing Agent, I will be informing my sellers about the need to offer compensation to a Buyer's Agent to ensure that appointments are made. Without offering compensation, there is a risk of not attracting potential buyers. This is because advertising that is sent out to 3rd party sites and social media bring Buyer’s Agent’s to the property. 

 

Inevitably, it's crucial to adapt to these new laws and find ways to navigate the changes effectively for both buyers and sellers. The great news is that BOTH parties will have representation that will include both loyalty, commitment, and confidentiality. 

 

If you have questions about these new laws contact me at 864-430-2451. Remember, these new laws go into affect as of July 1st. So for right now this is simply an update. 

 

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