The New Rules to Real Estate: Buyers & Sellers Guide

Real estate has changed. Since August 2024, brokerage agreements and compensation must be transparent and in writing. If you’ve bought or sold a home before these changes, the process may feel unfamiliar, especially depending on whether you’re in Michigan or Georgia.

This guide explains what’s new, how the process works for buyers and sellers, and what to expect in each state.

Before We Begin: Brokerage Agreements

The rules of real estate changed in August 2024 after a nationwide lawsuit against the National Association of REALTORS® (NAR).

In the past, it was often assumed that the seller would automatically cover the buyer’s agent commission. That practice created confusion and, in some cases, disputes.

As part of the legal settlement, the rules were rewritten to require full transparency and written agreements. Here’s what that means for you:

• Required: To tour homes privately, write an offer, or have me represent you, we must sign a brokerage agreement.

• Why: This document makes it clear that I represent your best interests and explains exactly how compensation works.

• What if you’re just looking? You’re always welcome at open houses. But once you’re serious, agreements are required before private tours.

• Why now? Under the new NAR rules, no agent can assume compensation from the seller’s side. Everything must be negotiated and agreed to in writing up front.

📌 The bottom line: no private showings, no offers, and no negotiations can happen without a signed brokerage agreement.Key Differences: Michigan vs. Georgia

Closing Entity

• Michigan: Closings are typically conducted by a title company (attorney not required).

• Georgia: Georgia is an attorney state , a licensed attorney must conduct the closing.

Inspection / Due Diligence

• Michigan: Inspection timelines are set in the purchase agreement, usually around 7–10 days.

• Georgia: Buyers have a formal due diligence period (often 10–14 days) where they can inspect and cancel for any reason.

Transfer Taxes

• Michigan: State transfer tax is $3.75 per $500, plus county transfer tax of $0.55 per $500.

• Georgia: Transfer tax is $1.00 for the first $1,000, plus $0.10 per $100 thereafter. Loans may also incur an Intangible Recording Tax of $1.50 per $500 of debt (up to a cap).

Who Chooses the Closing Professional

• Michigan: The title company can be chosen by either the buyer or seller, depending on negotiations.

• Georgia: The closing attorney is usually selected by the buyer (especially with financing), but it can be negotiated.

Disclosures

• Michigan: A Seller’s Disclosure Statement is required by law.

• Georgia: Seller disclosures are handled through GAR forms (Georgia Association of Realtors); requirements vary by contract.

Bottom line: In Georgia, expect attorney closings and a formal due diligence window. In Michigan, expect title-company closings with inspection timelines written into your contract.

The Buying Process (Step by Step)

1. Choose Your Path → Will this be a personal residence or an investment? This matters early.

2. Sign the 4 Forms → Brokerage Agreement, Agency Disclosure, ABA/Wire Fraud Notice, Compensation Agreement.
   📘 You’ll also receive my Buyer’s Guide.

3. Get Pre-Approved → Confirms your budget and strengthens offers. or are you a Cash Offer

4. View Homes → Private showings once paperwork and financing are in place. (Only)

5. Make an Offer → I negotiate terms, contingencies, and timelines.

6. Inspection & Appraisal → Buyer-paid protections (inspection = condition, appraisal = value).

7. Money Matters → Earnest money, down payment (0%–20% depending on program), and closing costs (2–5%).Money Matters

   Buying a home isn’t just about the price you see on the listing. There are a few key financial pieces every buyer should understand:

   Earnest Money

   • A good-faith deposit that shows the seller you’re serious.

   • Typically 1–3% of the purchase price.

   • Credited back to you at closing and applied toward your costs.

   Down Payment

   • VA Loans: 0% down for eligible veterans and service members.

   • FHA Loans: As low as 3.5% down.

   • Conventional Loans: 3–5% minimum down; 20% down removes PMI (private mortgage insurance).

   Closing Costs

   • Usually 2–5% of the purchase price.

   • Covers lender fees, appraisal, title, recording, and other transaction expenses.

   Debt-to-Income Ratios (DTI)
   Lenders use DTI to measure how much of your income goes toward debts compared to your monthly income:

   • FHA Loans: Up to ~43% (sometimes higher with strong compensating factors).

   • Conventional Loans: Preferred under 36%; maximum usually 45–50%.

   • VA Loans: No hard cap, but lenders look for ~41% or lower. Exceptions may be made with strong credit/income.

   📌 Exact requirements can vary by lender. That’s why pre-approval is always the first step, it tells you exactly what you qualify for.

8. Closing Day → Documents signed, funds transferred, keys delivered.

The Selling Process

Selling your home is more than putting up a sign. It’s about strategy, flexibility, and marketing that works.

Compensation

• Flat Fee Listings (for $150,000 & under): Simple, predictable cost while still providing full representation.

• Tiered Commission (for homes over $150,000): Sellers choose their package:

  • 6% → Core listing (MLS, photos, standard digital reach).

  • 6.6% → Core + enhanced social/digital campaigns.

  • 7% → Above + open houses, print marketing, staging consult.

  • 7.5% → Above + video/drone, neighborhood engagement, extended digital ads.

  • 8% → Full concierge: premium marketing, community-driven open houses (ex: food trucks), global eXp Realty exposure via Zenlist + ExpressOffers. Includes built-in buyer’s agent compensation share ,you won’t be asked for more later.

📌 All commissions are negotiable and must be agreed in writing. The tier you choose sets both services and compensation so expectations are clear from day one.

What’s Included in My Seller Services

• Professional Photography & Videography

• MLS & Digital Syndication

• Targeted Paid Campaigns

• Open Houses & Events (traditional + community-driven)

• Neighborhood Engagement

• eXp Realty Tools – Zenlist, ExpressOffers, international buyer reach

• Transaction Management – Full coordination with title (MI) or attorney (GA)

Preparing to Sell

I’ll help you get your home ready with guidance such as:

• Decluttering and depersonalizing.

• Addressing small repairs or upgrades.

• Pre-listing inspection (optional, but avoids surprises).

• Staging advice to make your property shine.

Why Work With Jasmine S. Tiller

• Dual-Market Expertise → Licensed in Michigan & Georgia, fluent in two different closing systems.

• Certified Specialist → Luxury Marketing, ExpressOffers, Relocation, Military Friendly, Short-Term Rentals, New Construction.

• Systems-Driven → As founder of The DevelopHERS Group, I bring structure and efficiency into every transaction.

• Life-Transition Insight → Experienced guiding clients through moves during divorce and other transitions, with discretion and care.

Ready to Get Started?

• Buyers Guide & Sellers Guide

• 📘 Request a Seller Net Sheet

• 📅 Schedule a Consultation

With me, you gain more than representation, you gain a trusted partner who makes sure every step is transparent, compliant, and aligned with your goals..