On closing day, I often encounter clients who can't take their hands off the paperwork just before signing. One family buying their first home in Colorado Springs was in that situation. They were hesitant to sign the closing disclosure handed to them by the title company, unsure of what each item in the escrow fees meant. When I explained line by line that this was the recording fee paid to the county and that this was the lender's fee, they finally picked up the pen. Moments like this illustrate what an agent actually does.

So, what exactly is the role of an agent? According to the National Association of Realtors (NAR), an agent's duties can be broken down as follows:

• Identifying appropriate pricing through property searches and comparative market analysis (CMA)
• Drafting offers and negotiating price and terms
• Reviewing contract clauses
• Coordinating home inspections and appraisals
• Managing the entire process up to closing

While it may sound like five lines, in reality, each document has different clauses, and the timing of negotiations varies each time. If the terminology feels unfamiliar, think of it this way: an offer is a proposal to buy at this price and under these conditions, and reviewing the contract is the process of ensuring there are no pitfalls before that proposal becomes a contract.

There is one change coming in 2024. Following the NAR lawsuit settlement, buyers will now need to sign a Buyer Agency Agreement in writing before touring properties with an agent. In simpler terms, whereas in the past, buyers often signed contracts after viewing several homes, now they will first confirm in writing what services the agent will provide and how the commission will be determined before the first property tour. This procedure has become standard in Colorado Springs, making it more important than ever to understand the commission rates and scope of services outlined in the contract from the beginning.

Let's also take a look at the market situation. The median sale price in Colorado Springs is around $499,900, which is a 0.42 percent increase from the previous year. The average market stay is 56 days, shorter than a year ago, and the sale-to-list price ratio is 98.82 percent, indicating a balanced market. This means that fine-tuning offers and conditions is essential to achieve the desired results.

Working with an agent who understands both the language and culture offers many benefits throughout this process. When specific clauses in the contract feel ambiguous, you can receive accurate explanations in Korean right away, and you can naturally discuss lifestyle factors such as preferred school districts for Korean families, access to Korean markets, and proximity to religious communities. If you're preparing for international remittances from Korea or applying for an ITIN for the first time, or if you're a non-resident foreigner selling property and need to navigate FIRPTA withholding, having an experienced agent ensures you won't miss any steps in the process. Additionally, if the agent has a network of reliable attorneys, mortgage brokers, and inspectors, the path to closing becomes much smoother.

So, who will bear the commission now? In the past, the seller often included the buyer's agent's share in the commission paid, which was posted together on the MLS, but this practice has changed. There are cases where the commission rate specified in the Buyer Agency Agreement is renegotiated with the seller, and there are also instances where the buyer pays directly. In either case, understanding the terms specified in the contract from the outset is crucial to avoid confusion right before closing.

When considering school district ratings, refer to indicators like GreatSchools or Niche, but keep in mind that boundaries change frequently, so be sure to verify the assigned school for the specific address before purchasing. This article is not investment or legal advice, and tax and loan conditions may vary by county and individual circumstances, so it is advisable to consult with professionals before finalizing any contracts.