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| LIFE IN SOLERA | SEPTEMBER 2024 | 9 The landscape of California real estate is ever evolving, inf luenced by market trends, societal shifts, and legislative updates. This year several significant changes have been implemented in California real estate law, impacting both buyers and sellers, as well as real estate professionals. These alterations ref lect the California Association of Realtors'® ongoing commitment to enhancing transparency, fairness, and sustainability within the real estate sector. What are these changes and how will they affect BUYERS? Buyers are now required to enter into written agreements with Brokers/Realtors® before touring any homes. The agreement will include the amount of commission to be paid by the buyer, to the Broker/Realtor®. Buyers will also be required to present financial/ personal information by a certain date to their agent. When a buyer has found a home to purchase, they can request the seller to pay all or some of their broker's commission. The request must be included in the Residential Purchase Agreement (Offer). This will be an item of negotiation, just like the home price, number of days in escrow, items included in the purchase, and repairs. How will these changes affect SELLERS? The new Listing Agreement now only includes the amount to be paid to the listing agent, which sellers sign. It no longer references the amount for paying a cooperating broker (buyer's agent). In the new Residential Purchase Agreement (Offer), buyers may request their brokers' commission be paid by the seller. The amount could be a percentage of the purchase price or a specified dollar amount. The payment of the buyer agent's fee is another item for negotiations. Discuss this with your agent during the listing process. Whether buyer or seller, your real estate professional is there to help you navigate through these changes. Solera Home Sales Update: Two homes have closed escrow since July 1: 1763 Brittney (Trillion) sold for $415,000 and 1788 La Cantera (Trillion) sold for $465,000. REAL ESTATE REPORT MAJOR CHANGES IN CALIFORNIA REAL ESTATE RULES & PRACTICES! By Diana Mangan, Realtor and Resident