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]]>Major Updates to Washington’s Real Estate Agency Law – Effective January 1, 2024
Washington state has introduced significant revisions to its Real Estate Agency Law (RCW 18.86), modernizing a 25-year-old statute to enhance transparency, consumer protection, and buyer representation. These updates, effective January 1, 2024, introduce crucial changes to real estate brokerage relationships.
Key Changes to Washington’s Real Estate Brokerage Laws
Previously, real estate firms were only required to have written agreements with sellers. Under the new law, all real estate brokerage firms must enter into a written “brokerage services agreement” with both buyers and sellers. This change ensures that buyers fully understand the terms of representation and compensation, providing greater clarity in real estate transactions.
What Must Be Included in a Buyer’s Brokerage Services Agreement?
- The term of the agreement (defaulting to 60 days, with an option for extension).
- The name of the assigned buyer’s agent.
- The nature of the agency relationship (exclusive or non-exclusive).
- Consent for limited dual agency, if applicable (where the same broker represents both buyer and seller).
- Consent for the managing broker’s limited dual agency, if applicable.
- The brokerage firm’s compensation details and who is responsible for payment.
- Any additional agreements between the parties.
Why These Changes Matter
With these updates, buyers now receive the same level of contractual protection as sellers, reinforcing transparency and trust in Washington’s real estate industry. Whether you’re buying or selling a home, understanding these new requirements is essential for a smooth and informed transaction.
For expert guidance on navigating these legal changes in Edmonds, WA, contact Eric Gouge today.
The post Major Updates to Washington’s Real Estate Agency appeared first on Edmonds Real Estate Agents | Sittauer Gouge Group .
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