New Document Alert and How it Impacts YOUR Purchase or Sale.

Hello, everyone!

We’re Achievers Realty, here to share some important updates about changes in real estate practices that might affect your next home purchase or sale. You might have seen some headlines recently, but there’s more happening behind the scenes that you should know about. Every state has its own real estate rules, and in California, we’re guided by the California Association of Realtors (CAR). They’ve been working on new forms you’ll encounter during real estate transactions. But don’t worry! We’ve created helpful charts to guide you through what you need to sign and when. These documents evolve over time, but they are here to stay for the foreseeable future. The only document formally required by the National Association of Realtors is the Buyer Representation Agreement (Form BRBC), but it’s recommended to use all the new forms for the best experience.

Here’s a quick overview of some important forms:

Form BIPP: This lets your agent know what you’re looking for in a home.

Form BRBC: This is a non-exclusive agreement with your agent’s broker, contains standard transaction forms like AD, CCPA, and PRBS.

Form PSRA: Ideal for casual interactions, like meeting an agent at an open house.

Form BFPI: Tells your agent about your financial situation. 100% confidential.

For sellers, there are some minor changes too. A new listing agreement aims to improve transparency and readability. When hosting open houses, listing agents will use Form OHNA for sign-ins. This allows potential buyers to indicate if they’re already working with an agent. If your agent represents the buyer in your transaction or assists them in purchasing another home, they’ll need a representation agreement like the PSRA or BRBC.

Form SPBB: Notifies the seller that you have a formal agreement with your agent regarding commission.

Form NBIP: Ensures your agent gets compensated if you purchase a home they showed you.