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| Texas Homeowner Association News |
| Brokers Must Represent Homeowners in Negotiations |
| New Law May Eliminate Some limited-service firms |
| June 22nd, 2005 |
Austin, TX -Article Excerpt: Source cited at end of article
"Gov. Rick Perry signed the measure into state law late last week that will require all brokers to represent homeowners in negotiations with potential buyers."
"The law demands that real estate agents act as advisers to sellers and present offers from buyers. Sellers who use a listing-only real estate sales firm often handle the entire transaction themselves.
The Texas Association of Realtors, which represents over 70,000 mostly traditional real estate agents, has been pushing for the state to require a minimum level of service since 2002."
"Colby Sambrotto, chief operating officer of ForSaleByOwner .com, said his firm could no longer offer its reduced-commission multiple listings in Texas."
"But limited-service agents and federal regulators say the new Texas law is designed to keep real estate costs high and drive out competitors."
Article Source:
Dallas Morning News, Monday, June 20, 2005, No-frills brokers plotting next movesby Steve Brown.
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| by Texas Homeowner Association News |
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