Practice Changes Resulted from NAR Settlement

As many of us have been following and training on the new practice changes that will be implemented starting August 17th 2024, this post serves as a mini summary for my clients, friends and future prospects of what policies and rules have changed and will take effect in mid August.

To keep it simple, due to the results of the NAR Settlement in regards to the cooperative compensation lawsuit, the following MLS Rules and Policy changes will be legally implemented for ALL real estate agents nationwide to adapt to these new practices in order to stay compliant with our State Laws. There is no need to be alarmed, homeowners, homebuyers and investors will continue to be served by certified 

professional agents with their fiduciary obligations to disclose these new practices. Some of those changes are:

• Buyer Agent Compensation will be removed and no longer 

  be displayed on the MLS ( prohibited from advertising on the MLS)

• A signed Buyer Broker Agreement will be required before

  showing a property and working with a buyer

• Buyer’s Agent Compensation will be negotiable and may be offered

  through several options. These options may include 

  seller’s concessions or buyers compensate own agents.

Should you have any questions or concerns, please

feel free to reach out to me as your real estate Trusted Advisor. 

To learn more about the NAR Settlement Faqs, visit

https://www.nar.realtor/the-facts/nar-settlement-faqs

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