Beckley broker discusses real estate bill
BECKLEY, WV (WVNS) — Senate Bill 3145 would require homebuyers to sign a buyer's agreement with any real estate agent before the agent takes the homebuyer to see a property.
The agreement would lock the buyer into a time period of working exclusively with the real estate broker who holds the contract, and it would set up a payment agreement and confidentiality between the homebuyer and their agent.
The National Association of REALTORS already requires members in West Virginia to have their buyers sign the agreement, which typically lays out the responsibility of the homebuyer to compensate the agent a percentage of the sales price, if the home seller does not agree to pay both the selling agent's and buying agent's commission.
The agreement may also lay out an hourly rate the homebuyer will pay the agent and set a time period for the exclusive agent/buyer relationship.
Previously, home buyers did not enter contracts to view homes, but NAR passed the policy as part of a lawsuit settlement.
A REALTOR is an agent who belongs to NAR, but real estate salespersons in the state who do not belong to the organization are not bound by the NAR policy.
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A non-NAR real estate agent may decide to have a homebuyer sign a 'buyer's agreement' but may also show houses to a buyer without requiring a commitment.
Supporters say the bill is better for consumers, because it lays out confidentiality and payment agreements between agent and buyer.
David Chinn, a broker with Altruist Realty in Beckley, said on Tuesday, March 11, 2025, that he does not support the bill.
'It's not fair to the consumer to have to sign a buyer's agreement to go look at a house, and that's why we are against it, because they're trying to make it look like a consumer advantage, but it's definitely not,' said Chinn.
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He said that under such contracts, an agent could 'snare' a homebuyer for a period of six months and that the homebuyer could not leave the brokerage if she was unhappy.
Chinn said it is ideal for a seller to pay commission for both the selling and buying agent, so that the home sells more quickly and the homebuyer does not have an extra cost.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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