Do I have to sign an agreement to view houses in Kansas City?

There are big changes coming to home buying, especially when it comes to buyer representation and viewing available homes. There has been a lot of confusion about what these changes will be, some of it from misleading articles on various media websites but most of it is from people guessing what the changes would be before they were actually announced. So let me answer the big question, will I have to sign an agreement to view homes? The answer is Yes! But before you get totally freaked out, let me explain your full list of options.
The new rules say that you must sign an agreement prior to visiting a home with a licensed Realtor, if a Realtor shows a home to you without a written agreement they could be fined as much as $500. So, lets say you are just getting started with your home search and you are not ready to commit to an agent just yet? Or maybe you just don't want to sign an agreement, what are my options? Let's go over your options to view homes in Kansas City with or without a Buyer Agency Agreement:
- Open Houses- If the agent is holding an open house you will not be required to sign a written agreement with the agent holding the house open to view that home. However, the agent will most likely expect you to sign-in, so that the seller has a record of who visited their home.
- All Agents will be required to Provide you with a copy of the either the Kansas or Missouri Brokerage Relationships form along with any agreement that you sign.
- Unrepresented Buyer Touring Agreement- You can call the listing agent to schedule a private tour of the home. You will want to remember that the listing agent represents the seller and they are required by law to disclose all communications with you to the seller. Viewing a home as an unrepresented buyer may preclude you from hiring a buyers agent to represent you for that specific home and require you to represent you own interests.
- 1 Time Showing Agreement- This is really simple, it is for 1 house and outlines what services the agent provides and how they get paid if you choose to make an offer on that specific property
- Limited Service/ Transaction Broker Showing Agreement- There are new agreements now available that allow you to view properties in a specific area or a list of specific homes with a specific agent and any compensation agreement would be for only the specific area outlined or the specific addresses you view with that agent. This is a good option if you are not sure where you want to live and you want an agent who has experience in that area and maybe use another agent who has experience in another area. This is a Transaction Broker Agreement, so the agent showing you is not your agent until you sign one of the next 2 agreements.
- Non-Exclusive Agency Agreement- You can sign Non-exclusive agreements with more than one agent, this way you can meet multiple agents and see who's style may be the best fit for you. This is a great option for first time buyers who may not understand the homebuying process and could get stuck with an agent who is not the right fit. It is also a good option when looking in 2 very specific areas like 1 agent for Johnson County Kansas and 1 agent for Lawrence Kansas
- Exclusive Buyer Agency Agreement- At some point you will need to sign this agreement. Even if you start with one of the agreements above, you will need to sign an exclusive agreement prior to submitting an offer on a house. The exclusive agreement outlines all of the services provided by the realtors, set expectations for both parties and clearly states how compensation for those services will be paid. This agreement is protection for both the buyer and the Realtor.
While there are some really big changes coming to home buying, they are for the protection of you the buyer. These changes will give you option when it come to hiring the appropriate REaltor to represent you and your best interest.
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