Mortgage Minute: A change to real estate law could have major impact to pre-approvals

A new in 2024 requires a Buyer Agency Agreement to be signed by a buyer and agent before working together. Among other things this form has the buyer acknowledge the commission made by the agency and commit to cover any difference if the listing they make an offer on pays a lower commission. If all of a buyer’s assets are tied up in their purchase this could mean missing out on some properties OR being over extended if there is a communication breakdown.

Watch the video to learn more!