So the day has come when we have new forms and rules from DORA and the NAR.

All compensation between you as a Buyer or Seller and your agent is NEGOTIABLE and it always has been.

The NAR have said that if we have a client who would like to purchase a property, we should have an Exclusive Right to Buy Contact in place. Now this does sound like it is an onerous step, however, for agents, we have the ability to write this Exclusive Right to Buy form for this single property or group of properties for a specified period of time. A good agent will write multiples of this form for you, until you get that warm fuzzy feeling that you would like to work with this agent looking after your fiduciary interests. Only then, have your agent write a more general description in 3.4 of this form in Colorado which will save you time in reading through everything before you sign.

The Brokerage Disclosure to Buyer form, even though it exists and doesn't tie you to an agent, there are some issues with this that DORA (Department of Regulatory Affairs) do not like. This form does not create a contract, unlike the Exclusive Right to Buy which does. This form can still be used, but your agent will not be able to talk to you about pricing, the condition of the home or anything else like creating a CMA, unlike the Exclusive Right to Buy contract.

So, don't be afraid when your agent says that they now need the Exclusive Right to Buy form, if they are a good agent, they will create these for each property, or if you are going on your first date, looking at several properties, have them document those properties on the one form and check the expiration date of the contract and holdover period.

This is the new environment we are in and we will all need to adapt or be left behind. Any questions, as always just drop me a line or give me a call. I promise I won't bite.

Stay safe and get into a little bit of mischief every day!