Real Estate Buyer Changes to consider in NC

The only constant is change! and in the real estate industry as of August 2024  changes will happen for all the parties involved in a real estate transaction. The greatest impact might be experienced by prospective buyers in most states including  North Carolina. A significant regulatory shift is set to take effect in as we move forward this month,  bringing new requirements for buyers and their interactions with realtors.

Starting August 2024, all buyers in North Carolina must have a formal written agreement in place before a realtor can show them any homes. This change marks a significant departure from the  practice, where many buyers and realtors operated under verbal and not  written agreements. In an effort to enhance transparency and ensure that both parties have a clear understanding of their relationship and mutual obligations from the outset.

For buyers, this means taking an additional step before commencing their house-hunting process. The written agreement will outline the scope of services provided by the realtor, the duration of their working relationship, and other critical aspects such as commission structures. This move aims to reduce misunderstandings and protect the interests of both buyers and realtors.

In the realm of real estate news, this regulatory update is part of a broader trend towards greater accountability and professionalism in the industry. 

As your realtor, I will make sure my buyers are  guided through the process seemlessly.  I love helping you achive your next real estate goal with clarity and comple understanding!

Cynthia Tupman Realtor at Realty Executives of Hickory & Lake Norman