KSHB 41 reporter Grant Stephens covers issues related to housing access and rental costs. Share your story idea with Grant.
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Big changes are coming to the way you buy or sell a home.
These changes are the result of a series of lawsuits designed to make the home-buying process more transparent.
The changes will come into effect on August 17.
A real estate agent working with a buyer must prepare an agreement before the prospective buyer and the real estate agent view a property together.
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“When a real estate agent says, ‘Hey, starting August 17th, you have to sign this agreement,’ he’s telling the truth,” said Holden Lewis of NerdWallet.
You may be familiar with the standard commission rate of five to six percent that you used to have to pay.
This amount is split between the buyer’s and seller’s agents and is often included in the total price of the home.
The changes mean there is now an additional level of negotiation that could change this standardized fee.
“That’s where it determines how much you’re going to pay that agent,” Lewis said.
Real estate agents like Kathleen Spiking of the Rob Ellerman Team say this could potentially change the way contracts are written and paid for.
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“They train us on what’s going on, what it looks like and how it appears in a contract,” Spiking said.
However, since she has always stated the costs openly and clearly, nothing will change in her everyday life.
“For me personally, it doesn’t affect the way I conduct my business,” she said. “I still communicate with all of my clients up front, whether they’re buyers or sellers, and I think for people, maybe it would be more comprehensive and thorough communication at the beginning and throughout the home buying process,” she said.
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