Buyers interested in touring homes in Wisconsin will need to comply with new regulations that involve three distinct forms:
- Pre-Agency Showing Agreement
- Disclosure To Customers
- Buyer Agency Agreement
These forms are necessary for anyone looking to purchase a home in Wisconsin. Importantly, even if you intend to go directly to the listing agent, a signed agreement with a real estate agent is mandatory before viewing any property if you are looking for representation. Attempting to bypass this requirement in hopes of saving on the buyer’s agency fee is unlikely to be beneficial. Typically, real estate teams consist of multiple agents, and a compensation agreement will need to be in place with the agent showing you the property.
Detailed Breakdown of the Requirements
Pre-Agency Agreement: This is a preliminary step that allows you to engage with an agent without committing to a full buyer agency agreement. However, compensation to the touring agent must still be agreed upon prior to any home tours.
Disclosure to Customers: This form discloses the limited duties that a firm owes to their buyer-customer.
Buyer Agency Agreement: This form establishes a formal client relationship between you, the buyer, and your chosen real estate agent. It ensures that your agent represents your interests in the transaction. For more information, visit our page on Buyer Agency.
Disclosure Requirements
Agents must disclose their agency relationship at the first meaningful interaction with potential buyers, which can occur via phone call, text, direct message, or email before any home viewings.
Open Houses and Powers Realty Group
At Powers Realty Group, we are fully compliant with these new regulations. Our agents will have all necessary forms, including compensation agreements and pre-agency forms, available at every open house. If you decide to make an offer based on an open house visit, you will engage with the Powers Realty Group team member through one of the newly approved forms to proceed with your purchase offer.
Further Information
For more details on these forms, visit Powers Realty Group’s Real Estate Perspectives Blog at PowersRealty.com. Here, you can stay updated on the latest real estate insights and requirements.
Ensuring you have the right paperwork in place will make your home buying experience smooth and compliant with the new standards. If you have any questions or need assistance, feel free to reach out to us at Powers Realty Group.
For more information on the Home Buying Process, click here.
