On August 15th, the MLS system will be implementing changes to abide by the terms of the NAR negotiated settlement. As of that date, two significant changes will take place:
1) Offers of compensation (or any compensation information) will be removed from the MLS and will not be permitted.
2) Anyone working with a buyer from that point forward MUST have a buyer brokerage agreement (employment contract) before touring a home. Pursuant to paragraph 58(vi) of the NAR proposed settlement agreement, written buyer agreements must:
- Specify and conspicuously disclose the amount or rate of any compensation the MLS Participant will receive from any source, or how this amount will be determined;
- The amount of compensation must be objectively ascertainable and may not be open-ended (e.g., “buyer broker compensation shall be whatever amount the seller is offering to the buyer”);
- Include a statement that MLS Participants may not receive compensation from any source that exceeds the amount or rate agreed to with the buyer;
- Disclose in conspicuous language that broker commissions are not set by law a multiple listing service or an association of REALTORS and are fully negotiable; and
- Include any provisions required by law.
GBRAR will be providing a sample buyer agreement, but you are not required to use this form. Any buyer broker employment contract that satisfies these requirements will work.
Agents are advised to consult with your Broker who may have specific instructions or office policies regarding how to navigate these changes.
For more information about the settlement, please go to: https://facts.realtor
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