2025 is the new way to do real estate. Let me help you understand some of the changes
Gwen Fowler Real Estate, Inc (GFRE) recognizes that the Department of Justice (DOJ) has taken a firm stance against cooperating compensation in real estate transactions. This is evident through the DOJ's involvement in lawsuits against the National Association of REALTORS(R) (NAR) and its decision to withdraw from a past settlement agreement with the NAR.
GFRE has adopted the following procedural policy regarding contracts and agent compensation to ensure compliance with evolving industry standards and maintain transparency with clients.
Contract Structure in Transactions
Three separate contracts govern every real estate transaction at GFRE:
1. The Listing Agreement: (Seller and Listing agent) This agreement specifies the compensation the Seller will pay their listing agent.
2. Buyer's Broker Agreement: (Buyer and Buyer's Agent)- This agreement specifies the compensation the buyer will pay their agent.
3. Agreement to Buy and Sell: (Buyer and Seller)-This contract outlines the terms of the sale. Under paragraph 6, section 4, the buyer may request transaction cost concessions from the seller. If granted, these funds may be used to cover various Buyer expenses, including the Buyer's contractual obligation to pay their agent.
Seller Concessions and Counteroffers
- If the seller declines to provide the requested concessions, the Buyer must be informed that they remain responsible for paying their agent's fee.
- All parties must understand that a Seller's refusal to grant concessions constitutes a Counteroffer, which nullifies the existing offer.
- At this point, the buyer has the following options:
- Withdraw from the transaction
- Submit a new offer that accounts for the added cost of paying their agent if they have the financial means.
This policy ensures that GFRE agents and clients operate with clarity and compliance in all transactions.
To discuss this further, call Gwen at 864-710-4518 or Henry 678-230-9882.
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