I hope everyone is having a joyful and warm holiday season! It’s a true privilege to serve the Parkland and Coral Springs communities, and I’m excited to share this message on behalf of the Bill Sohl Luxury Homes Team in Spectator Magazine.
Buying a home has recently become more complex, with new industry standards that went into effect on August 17, 2024, as part of a settlement in the Burnett et al v. The National Association of Realtors (NAR) lawsuit. Now, buyers working with NAR-affiliated brokerages are required to sign a Buyer Representation Agreement (BBA) before touring homes. While this mandate officially applies only to NAR-affiliated agents, most agents with MLS access fall under this umbrella, meaning the new rule will affect the majority of buyers.
The BBA is not a simple disclosure—it’s a legally binding contract that defines the buyer-agent relationship. It outlines the agent’s responsibilities and often commits the buyer to work exclusively with that agent within a specified timeframe and geographic area. Buyers may also be responsible for paying a portion, or even all, of their agent’s commission. For example, if a BBA stipulates a 3% commission to be paid to the buyer’s agent, and the seller offers only 1%, the buyer would need to cover the remaining 2% or renegotiate their agreement. This shift may feel unfamiliar and confusing to those buyers in the area who have not encountered these terms when purchasing a home in the past.
As a result of the aforementioned, The Bill Sohl Luxury Homes Team is available and committed to guiding buyers through these new requirements. With these changes, we encourage everyone to read the BBA carefully, ask questions, and voice any concerns before signing. Equally as important, all buyers should do their due diligence before entering a legal binding relationship with an agent. Just as sellers carefully select an agent before signing a listing agreement, buyers should thoughtfully consider an agent’s expertise and local knowledge before entering into a BBA. Selecting the right Realtor® will ensure a smooth and successful home-buying experience.
The Bill Sohl Luxury Homes Team, in partnership with Compass, has as part of their mission “to help people find their place in the world”, and we’d be honored to help you find your next home. With nearly three decades of experience, we bring unique insights into Parkland, Coral Springs, and Boca Raton. We’ve grown up here, raised our families here, worked here, and
watched this area’s remarkable growth firsthand. Our deep community roots give us an in-depth perspective on neighborhoods, schools, zoning laws, and city regulations.
Lastly, the Bill Sohl Luxury Homes Team is also looking to expand! We’re seeking experienced real estate professionals with deep knowledge of Parkland and the surrounding areas to join our close-knit and hard-working team. Through our affiliation with Compass, we offer industry-leading marketing, innovative support, and advanced tools crafted by top experts in engineering, design, marketing, and strategy.
As always, If you have questions or need more information, please do not hesitate to reach out to me at 954-655-5097. Thank you for the opportunity to provide you with this information.
Happy Holidays, Bill Sohl
