Your offer has been accepted – congratulations! Now what? Here are tools and resources to help you navigate next steps.

Written Buyer Agreements: What You Need To Know

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When you begin working with a REALTOR® to buy a home, you will be asked to sign a written buyer agreement. Here’s what you need to know about these agreements:

What is a written buyer agreement and what does it do? 

A written buyer agreement is an agreement between you and your REALTOR® that outlines the services your REALTOR® will provide you, and what they will be paid for those services.

Why am I being asked to sign an agreement? 

Written buyer agreements became a nationwide requirement for many REALTOR® as a part of the National Association of REALTORS®’ proposed settlement of litigation related to broker commissions. The requirement went into effect on August 17, 2024.

Are these agreements new?

In some places, yes. Many states have required them for years, while some, including Illinois, have not. As a result, it is entirely possible you or others you know have not used them in the past. Regardless, they are now a nationwide requirement for many REALTORS®. 

Are these agreements negotiable? 

Yes. You should feel empowered to negotiate any aspect of the agreement with your REALTOR®, such as the services you want to receive, the length of the agreement and the compensation, if any. Compensation between you and your REALTOR® is negotiable and not set by law. In the written agreement, the compensation must be clearly defined (e.g., $0, X flat fee, X percent, X hourly rate), not open-ended or a range. It is important to sign only an agreement that reflects what you have agreed to with your REALTOR®. 

How do I benefit from these agreements? 

These agreements clearly lay out what services you, as a homebuyer, expect your REALTOR® to provide, and what your REALTOR® will be paid. These agreements make things clear and reduce any potential confusion at the outset of your relationship with your REALTOR®. 

When do I need to sign an agreement? 

You will be asked to enter into a written buyer agreement with your REALTOR® before touring a home with them, either in-person or virtually. If you are simply visiting an open house on your own or asking a REALTOR® about their services, you do not need to sign a written buyer agreement. 

Does this mean I have to pay my REALTOR® out of pocket? 

Not necessarily. While you are responsible for paying your REALTOR® what is outlined by your agreement, you can still request, negotiate for and receive compensation for your REALTOR® from the seller or their REALTOR®. 

Do agreements dictate a specific type of relationship I need to have with my REALTOR®? 

No—you are allowed to enter into any type of business relationship with your REALTOR® that is allowed in the state law where you live. 

Can I change or exit an agreement? 

Yes. You and your REALTOR® can mutually agree to change your agreement. Agreements may have specific conditions under which they can be exited, so read the text of the agreement and speak with your REALTOR® if you would like to change or exit your agreement.

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meet your homebuying squad

Meet Your Homebuying Squad

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This group of professionals will help you throughout the homebuying process. As you assemble your homebuying squad, consider working with all of these experts to make your home purchase confidently and with minimal stress. 

Like an athletic team, each member of the homebuying squad plays a crucial role in helping you achieve homeownership. 

MEET YOUR REALTOR® 

On this team, you are the captain, and this is your head coach. Your REALTOR® not only represents you, but also advocates for you and your interests during the transaction from start to finish. 

tiny people on briefcase and clipboard

Whenever you feel lost, confused, worried, stressed or curious, this person is your go-to resource. If they don’t have the answer, they will know how to get it for you! Sit down with your REALTOR® to build a homebuying game plan. Communicate your goals and priorities and establish a communication system you both are comfortable with.  

Also, your REALTOR® may have lenders, attorneys and inspectors they can refer you to, though you are not required to use the people they recommend. 

Best Practice Tip: CC or keep your REALTOR® in the loop whenever you communicate with someone on your homebuying team. 

MEET YOUR LENDER 

Your lender is like your athletic trainer. This is the person who can help you determine your buying power based on your financial health. 

Great questions to ask your lender include:

  • What types of loans am I eligible for?
  • How can I work on my financial health to qualify for each kind of loan?
  • When should I get prequalified or preapproved? (And what’s the difference between the two!?) 
  • And more!

Connect with a lender as early as possible in the homebuying process. That way, there are no disappointing surprises down the road based on your financial limitations. 

MEET YOUR ATTORNEY 

Your attorney is like your defense. This is the person who will review all the paperwork and contracts during the transaction. They will communicate your requests and advocate for your interests with the other party’s attorney. 

person signing a paper

Your attorney will become more involved in the transaction as soon as you’re ready to make an offer on a property. Once the offer is accepted and you move through attorney review and the inspection, you and your REALTOR® will be regularly communicating with your attorney and the seller’s attorney.  

On closing day, they will also sit down with you at the closing table to take you through each document. 

Buyer Best Practice: Use an attorney who specializes in real estate. It can be tempting to use a friend, family member or acquaintance who is a practicing attorney in another specialty, however, real estate attorneys are well-versed in the intricacies of the real estate transaction. 

MEET YOUR INSPECTOR 

Your inspector is like your special teammate. They have a very specific, yet very important, purpose in the transaction: inspecting your future home for damage, financial or physical risk, or code violations. 

hard hat illustration

While inspections are not mandatory, they are highly encouraged as they allow you to proceed with your home purchase as informed as possible. 

Once the inspection is complete, they will send an inspection report. Don’t be afraid to ask your REALTOR® questions about the contents of it! If you have a list of requested repairs or credits, this is what you’ll communicate to your attorney. 

BONUS: YOUR FAMILY & FRIENDS 

We can’t leave out your fans and supporters! It’s up to you how involved you would like your friends and family to be in the homebuying process. Whether they’re actively on the homebuying squad or simply on the guestlist for your eventual housewarming party, friends and family can provide helpful perspectives or advice. 

No matter what, you are not going through the homebuying process alone. You have a whole squad of experts who have your back! 

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16 Helpful Inspection Report Questions For Buyers

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Congratulations, your offer has been accepted! You now have entered the attorney review period. Typically, a home inspection is scheduled within five days of the accepted offer. An inspection report is an inspector’s documented recommendations and observations of the property’s potential need for repairs. Remember, your inspector’s job is to find any reasonably discoverable issues in your home.

While inspections are not mandatory, we highly recommend utilizing this affordable resource so you can continue through the buying process as informed as possible. The inspection report can be intimidating! We put together prompts to help you feel empowered to ask everyone on your “team” actionable questions.

Questions you should ask your REALTOR®:

  1. Do you have any reputable inspectors you would recommend?
  2. What are three things you advise I look out for in particular?
  3. Will you be able to attend the inspection with me?
  4. What are common issues or challenges to see in this property type?
  5. In your opinion, what are the most important repairs I should focus on or prioritize?
  6. [in the case of a short-sale] When should we schedule the appraisal?

Questions you should ask your inspector:

  1. What do you check and what don’t you check?
  2. How soon after the inspection will I receive the inspection report?
  3. Are you available for follow-up calls if I have questions about the report?
  4. Are there any issues of note on the seller’s property disclosure statement?

Questions you should ask your attorney:

  1. From the seller’s perspective, what requests are they likely to push back on and what are they likely to consider?
  2. How many requests is too many?
  3. Should I ask for a credit or should I ask for a warranty?

Questions you should ask yourself:

  1. How much repair am I comfortable taking on myself?
  2. What are my priorities?
  3. What items am I willing to give up on during the negotiation?

In the end, the inspection report is another tool in your homebuying toolbelt. If you’re feeling anxious, your REALTOR® is always available to provide perspective and experience.