UPDATE TO FORM 201 – EXCLUSIVE BUYER AGENCY AGREEMENT
Effective immediately, the Exclusive Buyer Agency Agreement (Form 201) in the NC REALTORS® forms library has been revised to remove the VA loan language in Paragraph 4(b)(ii).
The previous language warned that a buyer using a VA loan was prohibited by federal law from paying their buyer’s agent a fee. The Department of Veterans Affairs suspended this federal law in May 2024 after completion of NCR’s forms change cycle. Since VA buyers are now permitted to pay their broker a fee while the rule is suspended, Form 201 has been amended accordingly.
Have questions about this or any other form changes? NC REALTORS® has free, unlimited access to the NC REALTORS® Legal Hotline. Call 336.294.1415 or email legalhotline@ncrealtors.org for assistance.
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