Updates in T-47 and brokerage fees might affect your next transaction.
Are you prepared for the latest changes in real estate forms and contracts? Staying informed is critical to ensuring smooth transactions and clear communication with clients. Here are three key updates every agent should be aware of to stay ahead in the evolving market.
1. T-47 form updates. A significant change involves the introduction of two versions of the T-47 form:
Original T-47 form: This version remains unchanged and requires notarization when the seller signs it.
“Staying informed is critical to ensuring smooth transactions”
New T-47 form: This new version eliminates the need for notarization, streamlining the process. However, the signature block on this form may be a bit confusing. It is recommended that you review it carefully, as sellers might have questions once they receive it. This change simplifies the documentation process while maintaining its integrity.
2. Brokerage fee placement in contracts. Contracts are being updated to allow brokerage fees to be included directly in the agreement. The fee will appear in a familiar location but with updated language for clarity.
3. Removal of the addendum for brokerage fees. The addendum for brokerage fees and other items will be removed from available forms starting December 16. Agents must adapt to using updated contracts without relying on this addendum.
Agents should review these changes and familiarize themselves with the new forms and guidelines to ensure smooth operations. For any questions or additional clarification, contact the office at (210) 305-5665 or send me an email at missy@msrpsa.com. Staying proactive with these updates helps maintain professionalism and success in an evolving real estate market.
