San Juan Islands Real Estate - New Legislation
We look forward to being your preferred resource for important news and real estate pertaining to the San Juan Islands.
By PETER ANNA GRISEL
6 January 2024
Some recent and important legislative changes in the state of Washington surrounding real estate practices took effect on 1 January 2024.
For years, both Washington state and our regional NWMLS have proactively led the implementation of progressive change surrounding consumer protection within our real estate industry standards. The latest modifications in Substitute Senate Bill 5191 involve Buyer Brokerage Services contracts state-wide. The primary goals of these revisions are to:
- Provide transparency for both buyers and sellers regarding the compensation of real estate brokerages,
- Update the Law of Agency Pamphlet to a more understandable and digestible format (rather than a simple recitation of the law itself), and
- Provide both buyers and sellers some additional options prior to entering into a contract with regard to brokerage compensation in several different scenarios—such as dual agency or when one party is unrepresented.
We expect similar changes to arrive on the national stage in the near future.
Effective January 1, 2024, all real estate brokers in the state of Washington will be required to sign a brokerage services agreement with buyers or sellers prior to the provision of real estate services (such as listing property or homes, showing property or homes, or answering questions about property or homes).
In preparation for this forthcoming requirement, we’ve provided you with some informative links:
- REAL ESTATE BROKERAGE IN WASHINGTON STATE. This pamphlet details the upcoming changes in real estate brokerage across Washington.
- BUYER BROKERAGE SERVICES AGREEMENT. This document will require execution prior to commencing real estate brokerage services in your search for a Washington home or property.
Please feel free to SEND US A MESSAGE or give us a call if you have any questions relating to the new service agreements and/or their affect on rendering real estate services in our market. We look forward to continuing to be your proficient resource for all things real estate in the San Juan Islands.