Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
A contracts law professor who has criticized new transaction forms created after the National Association of Realtors’ proposed settlement of multiple antitrust suits has released her own sample buyer representation agreement in the hope of pushing the real estate industry to create forms that are fairer to buyers.
“There are hundreds (or maybe thousands) of different versions of these buyer agreements out there,” wrote University of Buffalo contracts law professor Tanya Monestier in commentary accompanying her sample contract.
TAKE THE INMAN INTEL INDEX SURVEY FOR SEPTEMBER
“Some are crafted by state regulatory bodies; some by state and local [R]ealtor associations; some by MLSs [multiple listing services]; some by private brokerages. Largely all are drafted with the interests of the broker (not the buyer) in mind.”
Monestier earlier this summer wrote reports for the nonprofit Consumer Federation of America on transaction forms created in the wake of the NAR deal and last month warned that many of the buyer representation agreements so created are largely incomprehensible to the average homebuyer or seller and contain language that seeks to avoid terms of the settlement.
Now, Monestier is essentially putting her money where her mouth is. She has created a sample buyer contract and posted commentary to go with that sample contract, explaining why she chose to include and exclude certain provisions.
“I have released four reports now where I criticize contracts,” Monestier wrote.
“It’s sometimes easy to take shots from the cheap seats, which is why I have attempted to create something that reflects the type of contract I…