The California legislature is reviewing a bill that would limit the time frame a home buyer and their agent can agree to a representation contract to a three-month time limit. Buyers and their brokers can extend those agreements but they have to be discussed and agreed to by both parties. The homebuyer/agent contracts are getting more attention, even though they have been around for years, because they are required under the National Association of Realtors (NAR) settlement to be in place by August 17. Previously they were optional and not widely used. If passed, the new term limit law would begin January 1, 2025.
How does a rate reduction impact purchasing power?