The Truth About California Association of Realtors' New Buyer Agreement | The Real Word 324

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Byron Lazine and Nicole White discuss a “buyer beware” press release from the Consumer Federation of America (CFA) on California Association of Realtors’ (CAR) buyer representation agreement, a Notorious ROB article on the CAR agreement, as well as eXp's exemplary buyer agency agreement form and toolkit, and Connecticut's one-page agreement.
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This episode's sources:
consumerfed.org/wp-content/up...
consumerfed.org/press_release...
notoriousrob.substack.com/p/c...
consumerfed.org/wp-content/up...
exptoolkit.com/buyerrepresent...
Timestamps:
00:00-00:32 Intro
00:37 Topic #1: CFA news release on new contracts for home purchasers
02:56 Article headline: “Buyer beware”
03:50 CAR buyer and broker agreement (“virtually unreadable”)
05:47 “#1: I don’t love four-page agreements…”
06:17 “There’s a simple definition of an agent…”
08:43 CAR buyer & broker agreement
09:28 Notorious ROB article on CAR’s buyer agency agreement
10:44 Page 4 in CAR document: section 16 (Confirmation of Compensation)
13:53 “If I’m a buyer in California…I’m not moving forward until I have an attorney review this.”
15:00 “This might be good data…for you to put in your buyer toolkit.”
16:12 Byron and Nicole disagree with CFA’s statement that sellers will raise their price if…
17:18 Bullet point #5: “Boards, you’ve got to get it together…”
18:03 Topic #2: eXp’s buyer agency agreement (“eXp has a phenomenal form”)
18:30 “eXptoolkit.com is a great model for a buyer representation toolkit…”
18:57 eXp buyer broker agreement: 2 pages and easy to read and understand
21:12 Going through the eXp form
22:35 CT one-page disclosure
23:16 Buyer broker fee in agreement (clean & simple)
25:08 Clarity on what the buyer can/should do if they want to cancel the agreement
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#buyeragent #narsettlement #exprealty

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4 авг 2024

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Комментарии : 69

@nowbam Месяц назад

𝐁𝐞𝐜𝐨𝐦𝐞 𝐚 𝐦𝐞𝐦𝐛𝐞𝐫 𝐨𝐟 𝐁𝐀𝐌𝐱: bamx.uscreen.io/pages/subscribe Use discount code REALWORD for 10% off your annual subscription! Join us at BAM Mania! The Must-Attend Real Estate Event Of The Year: brokeagentmedia.lpages.co/bam-mania-2024/ BAM BBQ: brokeagentmedia.lpages.co/bam-b-b-q/

@bonniebeaux 28 дней назад

The more research and seminars and videos I watch regarding the August 17th change, the more confused I become. There is no consensus on anything right now. The EXP form does help a little in simplifying the buyer contract, so thank you for the link. I have been stockpiling money to help me ride the confusion to come for both buyers and agents. Did the same thing after the 2008-2012 short sell period and COVID. We will get through this!

@willkaliel8005 Месяц назад

Pasadena, Ca agent here…The Red font indicates the changes. It will all be in black when the official form is released.

@MrBayAreaRealEstate Месяц назад

Exactly....

@MrBayAreaRealEstate Месяц назад

@1:55 That's how it's been around in the Bay Area - so many buyers don't sign the agreements and so many agents are too scared to ask in fear of not securing the client. 99% of the time, I require the ratification or I won't spend my time. Why? Because the buyers who don't sign, are pulling around multiple agents at the same time. Those buyers can have fun with the bottom litter. For reasons such as this is why I am excited about the new rules, no more buyers being able to pull and manipulate agents. They want to buy a house, you need to sign a agreement, which should have been mandatory anyhow.

@MrBayAreaRealEstate Месяц назад

The contract is no where near as difficult to comprehend as you both are implying. 4 page document is nothing. Real estate agents beed to stop being lazy and develop more skills. Great times approaching, majority of agents will be out because they are incapable of learning and understanding new contracts. Many already struggle.

@ByronLazineRealEstate Месяц назад

The CAR form doesn’t protect buyers. It confuses them.

@MrBayAreaRealEstate Месяц назад

@@ByronLazineRealEstate Not really, it's very straightforward, there's nothing to be confused about. Your stance is that of the majority who don't want to take time to develop an understanding of it and want a quick simple 1 pager as you mentioned similar to the joke Zillow agreement - which is the whole reason why the lawsuit happened in the first place. Like I said, 4 pages is nothing. That's the problem with majority of Real Estate agents, laziness. The CAR agreement is very well written, with multiple variable to implement with each specific client as not all clients are the same. It provides extensive transparency and confirmation of how commissions is handled. Every state should be following CA, specifically the Bay Area way of business. The Bay Area way of business in Real Estate is the best in the nation. Speaking from experience working in LA and agents out of state.

@PatriciaChafatelliRealtor Месяц назад

4 page agreement to show a buyer a house that you just met....oh consumers in Florida are going to hate this.

@Buywithbrigitte707 29 дней назад

Thanks for the video!

@Brett7777 21 день назад

My 2 cents. Their needs to be 1 form put out nationally. This office has this form and another has something else. All i see is eventual future problems. I guarantee all this will be revamped.

@PhoebeReyesRealtor Месяц назад

My broker created a buyer broker agreement for our company that's 1 page and so much easier to read than the CAR form. But over all CAR does have great forms...

@Buywithbrigitte707 29 дней назад

Just has to be in your file, in case there is no cooperating commission offered.

@mickandtinahomes35 Месяц назад

The new Coldwell Banker form is one page. It's still in progress but it's much simpler than anything I've seen.

@gregoryalford1696 26 дней назад

Bam! The smartest man in real estate. I agree with all that you've said; however there is a huge issue that no one is talking about! Agents need to be extreamly careful explaining contracts, especially these new ones to consumers. Why? An agent could be found guilty for "practicing law without a license."Oh yes, don't think there is no such thing. Ask any attorney, if a real estate agent attempts to interpret these contracts or any legal documet and they are not an attorney they are practicing law without a law license. As you know these are legal contracts. What I do and is the best way to protect yourself is to make your presentation let your clients and prosepective clients know they have a right to seek council, that you cannot answer any legal questions. I make a note in my folder, the date I made the disclosure and have it signed. This still doesn't allow me to interpret these contracts, explain yes, interpret, unless the agent is an attorney, absulutlely not. AND it is NOT our job to interpret any legal documents to our clients.

@OneStopTC Месяц назад

The last revision of the BRBC was the 9th about a week before they were pulled. These forms have existed in CA for years, however have not been a common practice/requirement to use. They are not typically used here in San Diego.

@CaraCollierhome Месяц назад

Wrong. An Agent acts on behalf of the Broker. The Broker represents the Buyer or Seller with a representation agreement and in Texas also discloses how relationships work with the Information About Brokerage services. Laws of Agency 101. The Broker holds the client and the agent services the transaction for the Brokerage. We are messenger and form fillers. We don’t act on behalf of clients - we don’t hold power to act on behalf of clients. (That’s power of atty.) In Texas we have a 1 pg notice that outlines minimum duties and duties of Buyers agents and and Sellers Agents.

@ByronLazineRealEstate Месяц назад

The definition of agent doesn’t care about the real estate definition. It’s about what you do for people

@ByronLazineRealEstate Месяц назад

I actually say when “thinking about consumer” “not the broker stuff” using the agent definition … consumers don’t care about our “Realtor stuff”

@madiris1999 Месяц назад

Indiana had the buyer agency agreement go into effect July 1st, per State law requirement. Effective immediately, Mibor removed the section where the BAC was listed in our BLC, and we have new lisitng agreements and buyer agency agreements out

@jamesstewartrealtor 20 дней назад

You should read Utahs buyer broker. It's clear and simple.

@realestateJayson Месяц назад

Oddly enough here in CA we aren’t even an attorney state.

@willkaliel8005 Месяц назад

Will the EXP form hold up AFTER August 17th?

@ByronLazineRealEstate Месяц назад

Right now DOJ has issue with CAR form… have t said anything about eXp from

@realtorkellyturbeville Месяц назад

Its crazy.. I am in the OC and there even more forms… SB a simple 1 pg form.. …

@chucksimonsrealestatetv8744 Месяц назад

Zillow homepage does not address the issues that California real estate law requires us to address

@jamesvcardoza Месяц назад

Agent: One who acts on behalf of another for the purpose of accomplishing a specific task or tasks. Real estate agent: Acts on behalf of another to assist them with buying or selling real estate.

@mprrx Месяц назад

Is not the appraisal that finally dictates the price of the house? Having in considerations the color of the neighborhood/seller/buyer?

@boudroux1 Месяц назад

Only when banks are involved such as a mortgage. But even then the seller can sell for whatever. If the appraisal is lower than listing price the buyer will have to cover the difference.

@tcameronrealestate Месяц назад

It does not seem that difficult . It is the same process on the listing side. It really does not seem like a reason to just totally leave the business, that’s silly. The real estate market/business changes and evolves all the time. We will adapt and move forward. Most buyers do not even know the difference. They don’t even know that this is a new form, unless they purchase often. Most do not purchase often. This is just more media to bash a new process that has some pros and some cons.

@chucksimonsrealestatetv8744 Месяц назад

Rather dramatic in your delivery. CAR has a team of attorneys that develop and review the CAR Forms. The exp form also doesnt address the California Real estate laws set forth by the state legislature.

@DachshundsRule24-7 Месяц назад

Brokerages are working on their own forms, with legal reviewing for Broker - shortened. Long vid of mush - as well as not letting host Bryon complete his sentences - Distraction for listeners. Appreciate the BAM channel, although careful of need to produce content for the sake of pushing it out. Recap: Most national brokerages already have a shortened form - case in point EXP.

@MrBayAreaRealEstate Месяц назад

Hilarious how she’s fixated on color on contract…. The color is due to being a draft and highlights the changes for agents

@ByronLazineRealEstate Месяц назад

The whole thing is red 😂

@MrBayAreaRealEstate Месяц назад

@@ByronLazineRealEstate About 70% is red... As mentioned, the red indicates the changes. It was made for agents to see what is different. This document is not the version that will be used for the public. It literally says "DRAFT" across each page: consumerfed.org/wp-content/uploads/2024/06/California-Draft-Form.pdf

@dawntempleton6889 Месяц назад

Every buyer has to sign a buyer rep before they see a home!? If true, I LOVE IT!!! Good agents just getting more of the pie.

@PatriciaChafatelliRealtor Месяц назад

If you are a buyer agent, you may find many of your clients going directly to the listing agent to avoid all this.

@dawntempleton6889 24 дня назад

@@PatriciaChafatelliRealtor Im a top listing agent in the area with a team, so yeah I love this. Buyers are already coming direct...Love it

@PatriciaChafatelliRealtor 24 дня назад

I guess we will see if you love it when the buyer sues you for showing bias and lack of disclosure, etc. During the dual agency transaction. Anything goes wrong(even something small) on either side they will blame you and come after you. The winners here will be the lawyers. The ones I’m taking to are already preparing to bring test cases. It’s funny because listing agent do very little and the buyers has always paid the commission as part of the purchase price, so it’s a bit surprising this lawsuit was against the listing agents….maybe that will be the next lawsuit.

@dawntempleton6889 24 дня назад

@@PatriciaChafatelliRealtor why would there be showing bias? and lack of disclosure? We have dual agency in Idaho

@dawntempleton6889 24 дня назад

@@PatriciaChafatelliRealtor oh wow, the listing agents do very little? WTF are you talking about? Clearly with that comment you have never seen high level listing services or never listed homes at a high level LOL

@boudroux1 Месяц назад

Doesn’t matter. Buyers don’t have to sign an agreement. The only contract that matters is the RPA.

@dawntempleton6889 Месяц назад

I thought part of the new rule was you can't even show a buyer a home without a buyer rep? Did I read that wrong

@michellestclair2090 Месяц назад

It’s not being policed or monitored for showing purposes. A rule or law without consequences is difficult to enforce. In CA (so far) Buyer agreement only needed to be be procured upon delivering Purchase Agreement .

@boudroux1 Месяц назад

@@dawntempleton6889Real estate agents are not gate keepers to a real estate transaction. Buyers do not need representation to purchase real estate, plain and simple.

@boudroux1 Месяц назад

@@michellestclair2090 that’s wrong. A buyers agreement is only about compensation and has zero to do with the performance of an RPA.

@boudroux1 Месяц назад

@@dawntempleton6889 buyers do not need representation to see a home unless a buyer elects to be represented.