Hello 2024 it is nice to finally meet you! We’ve been anticipating you for some time now. We are ready. Broker Services Agreements are here. While having Buyers sign Agreements were once previously suggested, they are now required – modernizing the 25-year-old “Agency Law”.

Your office is ready, will continue to educate and will help through this transition as there are several circumstances that will require your action early in 2024. Take inventory of your sellers & buyers and review what actions you now are required by Law to take.

Cliff note version below on how to move through this change with current clients. As always, you may also circle back to NWMLS homepage, legal bulletin and continuing education to continue to raise competence leading to overall confidence.

• For buyer brokers who have existing agency relationships, brokers will have buyers sign services agreement if the broker will continue to provide services to the buyer on or after January 1, 2024.
   
• For buyers who are party to an existing purchase and sale agreement that is waiting to close, there is no need for the buyer to sign a services agreement (unless you are continuing to render real estate brokerage services needed). However, if that sale fails, and the broker will continue to provide services to the buyer, the parties must enter into a services agreement as required by the revised law.
   
• Your listing agreements signed prior to January 1, 2024 should be amended to address the seller’s consent to limited dual agency. To do so, firms can use the Addendum to Exclusive Listing Agreement (NWMLS Form 18) and check the applicable box to address the seller’s consent to limited dual agency for the individual listing broker.

Note: Windermere Forms 28A & 28B (Buyer Brokerage Services Agreements), 28C (Amendment to Buyer Brokerage Services Agreement), 28T (Termination of Buyer Brokerage Services Agreement) are now hosted on the NWMLS. Windermere Form 28S (Seller Brokerage Services Agreement) is not hosted on the NWMLS yet available to Windermere offices to use when applicable – yet within NWMLS rules parameters (use caution here – this is not giving permission for “pocket listings.”

In all scenarios, “give out the NEW Real Estate Brokerage in Washington like candy” – thank you David Daniel with the Demco Law Firm for this keynote phrase!

Welcome everyone to 2024 with renewed energy & clarity in creating opportunity. With revisions to Real Estate Agency Law, our industry has just leveled up. And now that we’ve ushered in the New Year, I’ll bring you back to a formula I will continue to coach to all year – a formula for sustained success…

Curiosity x (Competence + Congruence + Connection) = Confidence.

Stay curious my friends. It all start there.

Laura Smith, Windermere Real Estate Co.