The real estate industry went through some big changes in 2024. Sort of, maybe! There are new procedures that Realtors will adhere to, but to be honest – some of this has been standard practice in Pennsylvania for a long time.

The most interesting new requirement, in my opinion, is that a Buyer must have a written agreement concerning compensation with a Realtor before they visit a home. Thing is, it’s not really a significant change – for me.

PA made modifications to the Real Estate Licensing and Registration Act way back in 1999. The Consumer Notice, a document explaining the types of business relationships Realtors may have with consumers was part of that. At the same time, Buyer Agency was implemented. That form, slightly changed, is still in existence.

The Buyers Agency contract outlines who the major players are in the Buyer / Realtor relationship (mainly the Buyer’s names, the Realtor and the Realtor’s broker). It also documents what, if any , compensation the buyer may pay to the real estate broker.

There’s more, but when standing back and looking at it – everything touches on disclosure. Buyers and Sellers need to have a clear picture of a potential real estate transaction. I think sometimes new (and wordy) rules and paperwork can overshadow original honorable intentions. Reach out to me, and I’ll set you straight.

That is just a high overview. The good news is that my clients (Buyers and Sellers) are still buying and selling. We live in an area that people want to move to, and many of the people living in the 717 want to stay put. This can make it a little challenging on the buying end of things, but that is why you need a professional to help with the process. Get a plan together, and it will happen.

*Photo by RDNE Stock project: https://www.pexels.com/photo/person-holding-silver-key-8293778/