Buyers do not have to sign a contract for home travel
Ivey signed the bill on Tuesday after the Senate had accepted the Senate earlier this month. The bill was first introduced at the beginning of February when it was sponsored in the Alabama House of Representatives By state representative Randall Shedd (R-Cullman).
Previously known as House account 230The law again confirms the existing framework for the framework of Alabama and Disclosure Act (RECAD), with the emphasis on early discussions about brokerage services and compensation, but prevents consumers from signing a contract with an agent early in their relationship.
The bill was supported by Alabama Association of Realtors and is in direct response to the Department of Justice’s (Doj) Interest statement about the National Association of Realtors’ (NAR) Commission Agreement for Court. According to the conditions of the settlement of Nar, consumers must sign a representation agreement of the buyer with the agent of their buyer before they tour a property. Nothing in the settlement determines how long the agreement can be or whether it should apply to one or many properties. Despite the flexibility provided, the Doj still had a problem with these similarities.
In his statement of interest, the DOJ wrote that he believes that the similarities of the copper broker have the potential to “limit how brokers compete for customers”.
“It shows an accurate resemblance to earlier restrictions among competitors who have found courts to break the antitrust laws in other procedures and could limit the competition for buyers among buyers with buyers,” wrote the Doj in its declaration of interest.
Alabama Realtors took the threat of the Doj against the nominal value, in which Jeremy Walker, CEO of the Handelsvereniging Capitol Journal In February, buyers want to work with an agent to find a property, “they do not want to be forced too early in a copper agreement.”
‘They want to get to know you before they say:’ Hey, I want to work with you. “And that is where we want to get that part well,” Walker added.
While some professionals in the industry reflect Walker’s vision on the similarities of buyers’ brokers, others believe that your buyers have not signed an agreement prior to their first home journey is an even greater liability.
“The reason why the repackaging of the buyer was there – and why Nar agreed and the lawyers insisted on it – was to remove potential control from the conversation,” James Dwiggins, the CEO of the CEO of NexThometold Housing At the beginning of March. “If you are obliged to sign a buyer -repack agreement with an agent and to outline your costs and services prior to showing a house, there will be no potential steering problems because you have agreed to your compensation rate before you look at any properties.
“What Alabama is missing in this specific respect is the fact that they open themselves up and again their members to potential steering claims. I think it is a bad move.”
