The buyer-representation bill would limit contracts with real estate agents to three months.
A proposed California law would limit buyer-agent contracts to three months. Such contracts are mandatory for almost every home shopper under the National Association of Realtors’ court settlement enacted on Aug. 17. If Gov. Gavin Newsom’s signs it, the measure would take effect Jan.
The new law extends the requirement to real estate license holders who don’t belong to an MLS. The bill requires buyers to have a contract before they can bid on a property.Other California laws already require sellers to have contracts with their agents, with such agreements limited to 24 months on single-family homes, duplexes, triplexes and fourplexes, according to CAR.
The contracts must spell out how much the real estate agent will get paid, what services the agent will provide, when compensation is due and terms for ending the contract. ‘I will walk the long path to redemption’: Pittsburg officer apologizes for fraud scheme as he’s sentenced to federal prison for years
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