California’s recent legislation, AB 2992, has made significant changes to the relationship between real estate brokers and “buyers” (including some tenants / lessees). It went into effect on January 1, 2025. AB 2992 includes the following changes:
- Requires a written “buyer broker agreement” be signed before making an offer on real property (“buyer” includes a tenant / lessee).
- Applies to all types of real property including commercial, residential, and land.
- Applies to the sale of real property and to leases exceeding one year.
- The “buyer broker agreement” can last no more than three months, with no automatic renewals, unless the “buyer” is a corporation, LLC, or partnership.
- The “buyer broker agreement” must state: (a) the compensation to be paid to the broker, (b) the services to be provided, (c) when payment is due, and (d) when termination occurs.
- Failure to comply with the requirements above renders the agreement void and may subject the broker to disciplinary action.
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