Open Houses & Written Agreements: What You Need to Know
When you begin working with a REALTOR® and touring homes, you will be asked to sign a written buyer agreement. But what if you are just attending an open house? Here’s what you should know:
I am attending an open house without a REALTOR®. Do I need a written buyer agreement in order to tour the home?
No. 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.
Is a REALTOR® who is hosting an open house required to enter into written agreements with the potential buyers who attend the open house?
No. In this case, since the REALTOR® is only there at the direction of the listing broker or seller, the REALTOR® is not required to have a written agreement with the buyers touring the home.
When will I be asked to sign an agreement with a REALTOR®?
After you begin “working with” a REALTOR® and at any point before you tour your first house together.
What does “working with” a REALTOR® mean?
A buyer is “working with” a REALTOR® as soon as the REALTOR® begins to provide services, such as identifying potential properties and arranging tours. REALTORS® who are simply marketing their services or speaking to a buyer—at an open house or by providing a buyer access to a house they have listed—are not considered to be working with the buyer.
What does it mean to “tour” a home?
Under the terms of the settlement, a “tour” is when a buyer who is working with a REALTOR® enters a home that is for sale or directs their REALTOR® to enter the home on their behalf. This includes when the buyer’s agent provides a live, virtual tour to a buyer not physically present.
What is the purpose of written buyer agreements?
Clarity and transparency. Written buyer agreements lay out the services your REALTOR® will provide and what they will be paid. Buyers should not sign anything that includes terms they do not agree with or do not understand. These agreements are fully negotiable.
