The National Association Of Realtors Settlement And How It May Affect Home Inspections

The NAR Settlement refers to a legal agreement brought about in response to allegations that the organization’s policies unfairly affected real estate competition and consumer choice. The settlement’s aim is to increase transparency in real state transactions regarding commissions and fees, and promote fair competition among real estate professionals. This agreement will result in buyers and sellers being more informed about the costs and processes involved in real estate transactions. Rooney Home Inspections  presents some key takeaways of the NAR Settlement and makes clear how the changes brought about with this agreement could influence your home-buying process, especially regarding Home Inspections. The NAR Settlement can affect NJ Home Inspections.

Changes From The Settlement

Increased transparency in Commission fees

More clarity about commission fees is a very significant change brought about by the NAR Settlement. Before, many home buyers weren’t aware of the commission structure and how much of it went to the buyer’s agent. Now these fees have to be disclosed right away so that buyers can make more informed purchasing decisions.

More negotiating power for buyers

With greater transparency about commission fees, buyers have more room to negotiate with their agent. This can lead to more favorable terms for buyers, including lowering costs for additional services such as home inspections.

Greater competition between Agents

The competitive environment between real estate agents created by this agreement makes it easier for buyers to compare services and fees. They can choose agents based upon expertise, reputation, and added services like home inspections.

Buyers are now more likely to want comprehensive home inspections. The transparency in commissions and fees can give buyers more leverage to negotiate terms, such as asking that the seller pay for the home inspection or asking the agent to reduce their fee to offset the cost of the inspection.

When a buyer is more aware of the real estate process, they will be more likely to want to know all about the condition of the property they are contemplating. This will undoubtedly lead them to want a more detailed home inspection to help them decide.

Chose A Home Inspector With Good Credentials

The NAR Agreement has introduced significant changes to the real estate industry, especially for home buyers. They now have more negotiating power and ensuring a thorough home inspection is in their best interest. Rooney Home Inspections offers professional, experienced Home Inspection Services to homeowners in Maplewood NJ, where we are based, and all of Essex County as well as Northern and Central New Jersey. We are knowledgeable in all aspects of home inspection and have helped countless homeowners keep their homes problem-free and healthy. Whether the need is for a NJ Home Inspection, NJ Building Inspection, NJ Oil Tank Sweep Inspection, NJ Old/Vintage Home Inspection, NJ Termite Inspection and/or a NJ Radon Inspection Rooney Home Inspections is ready to inspect and build the necessary report!

For an appointment with Rooney Home Inspections to thoroughly inspect your home call 973-996-8257 for an appointment.