What Changes A Buyer Can Expect When Buying A Home In Arizona

by Michelle QuackenbushAZ

As of August 1, 2024, real estate across the United States has changed as we know it, and here are the new rules for buyers in the state of Arizona.

When buyers are being represented by a Realtor, you must sign a written representation agreement with your Realtor prior to the Realtor showing you a home. This does not apply to open houses.

What is required to be in the agreement?

A specific disclosure of the amount the Realtor is receiving in compensation.
The compensation cannot be open-ended, for example. (It cannot say the buyer broker compensation will be the amount the seller is paying.)
The agreement prohibits the agent from receiving compensation for services that exceed the amount or rate agreed to in the agreement. Unless the buyer and buyer's Realtor both agree to amend the agreement.
A statement in the agreement that Realtor's compensation is negotiable and is not set by law.
Basically, Buyers are now required to employ a Realtor, like sellers do on a listing. If you are thinking of buying a home and employing a Realtor, choose a Realtor with plenty of experience, contract & negotiation skills, and the ability to find the right house for the right terms who guides you through the complicated transaction.