The NAR Anti-Trust Settlement is back in the news since the new rules officially took place over the weekend. There is STILL a lot of mis-information out there. Here are the facts. There are TWO key points to note and what it means and doesn't mean.
1. Compensation (Commission) Offers Removed From MLS
NAR has agreed to put in place a new rule prohibiting offers of compensation on an MLS. What does this mean for Sellers and Listing Agents? Simple. You may still offer a buyer's agent co-op fee, but it cannot be listed anywhere in the MLS. This has to be negotiated separately. Offers of compensation CAN continue to be an option that buyers and buyer's agents pursue off-MLS through negotiation and consultation. Sellers CAN also offer Buyer Concessions on an MLS (for example—concessions for buyer closing costs and Buyers MAY choose to offer a portion of that to their Buyer's Agent).
2. Written Agreements Required for Buyer's Agents
While NAR has been advocating for the use of written agreements for years, this settlement now requires Agents working with buyers to enter into written agreements before touring a home. Most of us already did this! The Buyer Agency Agreement explains how much the agent is expecting to be paid, and who will be paying it.
Bottom line:
Commissions always have been negotiable and still are! And Buyers can (and SHOULD) be represented by their own agent.
Read FULL article here: https://lnkd.in/e_3JS7Ek
