If you are planning to buy a home in the next few months, you might have heard some chatter about "new rules" and "ninety-day agreements." Since August seventeen, two thousand twenty-four, the way we look at homes and work with agents has fundamentally shifted due to the National Association of REALTORS® (NAR) settlement.
At Maya Team Inc., we want you to be the most informed person in the room. Whether you are a first-time homebuyer in Los Angeles or looking to upgrade in Orange County, these changes affect you directly. If you step onto a property without knowing these rules, you could find yourself in a legal bind or on the hook for thousands of dollars you didn't budget for.
The short answer: The new rules require you to sign a written buyer representation agreement before a real estate agent can show you a home (this includes private tours and virtual tours). While many agents use a standard ninety-day term, this length is not a legal requirement: it is fully negotiable.
Here are the seven most common mistakes buyers are making right now and exactly how you can avoid them.
1. Thinking the Ninety-Day Term is Mandatory
One of the biggest misconceptions we see at the office is buyers thinking they must sign away ninety days of their life to a single agent. Many standard forms are pre-filled with ninety days, but this is just a starting point.
The Fix: You have the power to negotiate the duration. If you are just starting and want to see if an agent is a good fit, you can ask for a "touring agreement" that lasts for just one day or covers only one specific property. Don't feel pressured to commit to three months if you aren't ready.
2. Signing Without Defining Compensation Clearly
The new rules strictly forbid "open-ended" compensation. You can no longer sign an agreement that says your agent will be paid "whatever the seller offers." The amount must be a specific number or a clear percentage.
The Fix: Make sure your agreement states a firm number, such as ten thousand dollars, or a percentage, like two point five percent. If the agreement uses a range (for example, "between two and three percent"), it is not compliant with the new rules. Be clear so there are no surprises at the closing table.
3. Assuming the Seller Always Pays the Commission
In the old days, the seller almost always covered the buyer's agent fee. While many sellers still do this to attract more buyers, it is no longer a "given" in the Multiple Listing Service (MLS).
The Fix: Before you fall in love with a house, have your agent check if the seller is offering a "concession" to cover your agent's fee. If the seller offers zero dollars, you will be responsible for paying your agent out of your own pocket. This is why having a solid financial plan is more important than ever.
4. Forgetting that Virtual Tours Count Too
Some buyers think, "I'll just have the agent FaceTime me from the house, so I don't have to sign anything." Unfortunately, the rule applies to any tour where the agent is providing a "live" look at the property for you.
The Fix: If an agent is doing the work to show you a property: whether you are standing there in person or watching on a screen: you need that written agreement in place. If you just want to browse, stick to public open houses, which do not require a signed agreement.
5. Not Checking for a Termination Clause
What happens if you sign a sixty or ninety-day agreement and then realize your agent doesn't return your phone calls? If there is no "termination for cause" or "cancellation" clause, you might be stuck.
The Fix: Ask to include a "cancel at any time" clause or a "notice period" (like twenty-four hours) that allows you to end the relationship if things aren't working out. A professional agent, like the ones at Maya Team Inc., will be happy to include this because we believe in earning your business every single day.
6. Ignoring the Impact on Your Mortgage Math
When you agree to pay your agent a specific fee, that fee becomes a part of your closing costs. If you are already tight on cash for your down payment, an extra fifteen thousand dollars in commission could break the deal.
The Fix: Talk to your Mortgage Loan Originator (MLO) immediately. At Maya Team Inc., Rony Velasquez works as your Broker and MLO to ensure your "Debt-to-Income" (DTI) ratio and cash-to-close are still within limits even if you have to pay the commission yourself. We can often find Down Payment Assistance (DPA) programs to help offset these costs.
7. Thinking the New Rules Make Buying "Impossible"
We have talked to many first-time buyers who are scared to enter the market because they think these contracts are too complicated or expensive. This is the biggest mistake of all: letting fear keep you from building wealth through real estate.
The Fix: These rules actually provide more transparency. For the first time, you know exactly what your agent does and exactly what they cost. It levels the playing field and forces agents to provide real value.
How to Prepare for Your Next Showing: A Quick Checklist
Before you head out this weekend, make sure you have checked these boxes:
- Identify your budget: Do you have extra cash if the seller refuses to pay the commission?
- Review the agreement: Is the compensation a fixed amount or percentage?
- Negotiate the term: Is it for one day, thirty days, or ninety days?
- Verify the services: Does the agreement list exactly what the agent will do for you?
- Consult your MLO: Have you checked how these costs affect your loan approval?
Why Work with Maya Team Inc.?
Navigating these new regulations requires more than just a real estate agent; it requires a consultant who understands both the legalities of the contract and the nuances of the mortgage.
Rony Velasquez is not just a Realtor®; he is a seasoned Real Estate and Mortgage Broker and a dedicated Mortgage Loan Originator (MLO). With over twenty-two years of experience and more than three thousand transactions closed, he knows how to protect your interests in this new landscape.
Mona Bottros, our Realtor® and Office Manager, ensures that every document is compliant and every client feels supported through the entire process. Together, we make sure you aren't just signing a piece of paper: you are signing a path to your new front door.
Let’s Get You Moving!
The market is changing, but your dream of homeownership shouldn't. If you have questions about a buyer agreement you’ve been asked to sign, or if you want to start your home search with a team that puts education first, reach out to us today.
Contact Us:
- Mobile: 562-762-9634
- Email: mayateaminc@gmail.com
- Website: https://nas.io/mayateaminc
What do you think about these new buyer rules? Do they make you feel more protected or more overwhelmed? Write a comment below: we’d love to hear your thoughts!
