The NEW WA State Agency Law for Real Estate Starting Jan 1, 2024
Guess what? It's not just a new year, it's a whole new era in the real estate world! Picture this: the real estate rulebook, aka the "Agency Law" in Washington State, is getting a makeover – and it's the first glow-up it's had since 1997. Move over, '90s trends, it's time for some real estate chic!
Now, I won't bore you with the nitty-gritty details, but let me sprinkle a bit of excitement on it. Starting January 1, 2024, we're talking major revisions – the kind of revisions that haven't been seen since flip phones were cool. These changes, straight out of Senate Bill 5191, are here to shake things up:
1. Say hello to written agreements! Real estate firms are now required to seal the deal with a written brokerage services agreement ASAP after diving into the world of real estate magic for you.
2. "Dual agent" is so last season; meet the new and improved "limited dual agent." Because, let's be real, who likes limits anyway? It's like saying you can only have one scoop of ice cream – where's the fun in that?
3. Your consent is king! Buyers and sellers get to choose if they want an individual broker to double dip as a limited dual agent. Consent is so cool that it even needs its own set of initials. Just like signing a yearbook but cooler.
4. We're all about spreading the love. Brokers now owe certain duties to everyone involved in the real estate extravaganza. It's like Oprah's "You get a duty, you get a duty, everybody gets a duty!"
5. Transparency is the name of the game. No secrets here! Real estate firms spill the beans on any cash they're pocketing from other parties. It's the kind of honesty your grandma would be proud of.
6. Out with the old, in with the new! We're giving the real estate "pamphlet" a makeover. It's like going from a '90s sitcom to a Netflix original – modern, sleek, and way more binge-worthy.
Now, if you're feeling a bit overwhelmed, fear not! We've got your back with a PDF legal bulletin (cue dramatic music) - it's like the CliffsNotes version of the real estate law revolution. And we've even jazzed up the forms with redlines and bluelines because, well, why not?
But wait, there's more! NWMLS and Washington Realtors are playing cupid and creating handy one-page love notes (informational handouts) for buyers and potential renters. It's like a cheat sheet for acing the real estate game.
I’ve also created a video series to help get the info out to you! Feel free to follow and join in on the conversation on TikTok and Facebook.
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The revamped forms and pamphlet are currently on a fashion show, strutting their stuff on NWMLS’s website. Starting January 1, 2024, they'll be ready for their close-up on Transaction Desk and Xpress Forms.
Remember, these changes aren't just for the homebuyers – renters, lessors, and lease transactions are getting a makeover too. It's like a real estate glow-up party, and everyone's invited!
So, gear up for the real estate revolution, because 2024 is bringing a whole new level of fabulousness to the world of homes and keys! 🏠🎉
