On August 17 new Seller and Buyer Agency compensation guidelines have gone into effect nationwide. Here is what you need to know in the tri county area of Pennsylvania:

When listing your property for sale with a Brokerage company you will only be required to compensate your listing broker. However, you will have the option to compensate a buyer broker.  

There may be benefits to a seller offering to pay for some or all of the buyer’s agent’s commission 

If you are a buyer and reach out to an agent to see a property, you MUST sign a buyer agency contract with that agent prior to the appointment being confirmed. These agency contracts can be for each property shown or for a certain period of time etc. The purpose for these contracts is to ensure that the buyers agent is compensated for their time and service by you if the seller is not willing to compensate the buyer broker. 

There are more details to share with you. Please reach out to me. I will be more than happy to explain these new guidelines and advise you on the different forms and practices.