The Department of Real Estate issued a Consumer Alert with information about the new Buyer Representation Agreement law coming in January 2025. As you’ve most likely seen on social media posts and news headlines, since August 2024, REALTORS have been adhering to a national settlement requiring buyer representation agreements.

As the Department of Real Estate explains, “Governor signed Assembly Bill (AB) 2992 on September 24, 2024, which puts in effect on January 1, 2025, the requirement that all buyers’ agents in California must sign a buyer-broker representation agreement with their buyer clients as soon as practicable, but no later than the execution of the buyer’s offer to purchase real property.”*

The law is a part of consumer protection legislation passed.

As REALTORS, we follow a Code of Ethics above and beyond our duties as a Real Estate Licensee in the state of California.

Will this affect you?

If you are already working with us as Buyers Agents, then you know that as REALTORS, our business practice is to do a sit down buyer consultation, explain the process of home buying, and sign a buyer representation agreement with you. Our goal is that you understand the agreement, the timeline, and get any questions answered.

If we haven’t done a formal buyer consultation, and you are thinking of selling + buying or buying a first time home or investment property, then send us a message today! Let’s get the momentum going!

With the holidays around the corner, many people have some extra days off — use those days to think through your real estate goals and set yourself up for success!

We have less than a month and a half left of 2024: if you decide on January 1st or 15th that you want to buy a home in 2025, then we will have lost some valuable time at the beginning of the year.

As always, it is an honor to get your referrals for your friends and family who need help. Our business is built on referrals!

Thanks

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.