The Truth About California Association of Realtors' New Buyer Agreement | The Real Word 324

Byron Lazine and Nicole White discuss a “buyer beware” press release from the Consumer Federation of America (CFA) on California Association of Realtors’ (CAR) buyer representation agreement, a Notorious ROB article on the CAR agreement, as well as eXp's exemplary buyer agency agreement form and toolkit, and Connecticut's one-page agreement.

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This episode's sources:
https://consumerfed.org/wp-content/uploads/2024/06/California-Draft-Form.pdf
https://consumerfed.org/press_release/buyer-beware-new-contracts-for-home-purchasers1/
https://notoriousrob.substack.com/p/copy-exps-buyer-agency-agreement
https://consumerfed.org/wp-content/uploads/2024/06/Buyer-Broker-Representation-Agreement-FORM-vsn-USA-EN-05.29.2024.pdf
https://exptoolkit.com/buyerrepresentation

Timestamps:

00:00–00:32 Intro
00:37 Topic #1: CFA news release on new contracts for home purchasers
02:56 Article headline: “Buyer beware”
03:50 CAR buyer and broker agreement (“virtually unreadable”)
05:47 “#1: I don’t love four-page agreements…”
06:17 “There’s a simple definition of an agent…”
08:43 CAR buyer & broker agreement
09:28 Notorious ROB article on CAR’s buyer agency agreement
10:44 Page 4 in CAR document: section 16 (Confirmation of Compensation)
13:53 “If I’m a buyer in California…I’m not moving forward until I have an attorney review this.”
15:00 “This might be good data…for you to put in your buyer toolkit.”
16:12 Byron and Nicole disagree with CFA’s statement that sellers will raise their price if…
17:18 Bullet point #5: “Boards, you’ve got to get it together…”
18:03 Topic #2: eXp’s buyer agency agreement (“eXp has a phenomenal form”)
18:30 “eXptoolkit.com is a great model for a buyer representation toolkit…”
18:57 eXp buyer broker agreement: 2 pages and easy to read and understand
21:12 Going through the eXp form
22:35 CT one-page disclosure
23:16 Buyer broker fee in agreement (clean & simple)
25:08 Clarity on what the buyer can/should do if they want to cancel the agreement

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