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NAR Settlement Info

 

 

 

 

 

Buying and selling real estate in the United States is changing!


With new rules going into effect beginning this week, here are a few quick notes on what you need to know as well as a few FAQs we've been hearing.

1.  The Process of Buying a Home. Written Agreements.

REALTORS who are engaging in their services with a Home Buyer will be required to enter into a written agreement prior to any home tours.  These agreements shall specify and disclose the method of compensation, duration of agreement, and scope of services.  

2.  The Process of Selling a Home.  Offer of Compensation.

While Home Sellers may still offer compensation to the agent who successfully represents the Buyer on the purchase of their home should they so choose, this amount of compensation may no longer be displayed on the MLS (multiple listing service.) Instead, Sellers offering compensation will be able to disclose this offer in any other means of marketing such as Brokerage websites, agent websites, fliers, email, etc.  

We're excited about the increase in transparency in the home buying and selling process and are thrilled to discuss further with our friends and clients, so email us today to set up a call.  

As always, commissions always have been and continue to be negotiable.

 

 

 

 

FAQs

While the written agreement will specify the Buyer is ultimately responsible, the Buyer may elect to request the Seller cover a portion or all of this compensation as a concession term in their written purchase agreement (their offer to the Seller).

This will be a question as to the scope, level of service, and duration of service you are looking for, as well as the skill and experience level of your agent. This should be discussed and negotiated accordingly with your agent.

 We've seen most Home Sellers continue to provide some level of compensation to professional Buyer's agents. The seller's who take this position feel the offer of compensation is just one part of their overall marketing strategy to sell their home for the highest possible price, in the shortest amount of time, with the least amount of surprises.

You may visit open houses as you like. You can expect agents to request you sign a form that acknowledges that the agent hosting is there to represent the Seller. It's important to understand, the agent hosting any open house has a fiduciary duty to the Seller only, and this means any information they provide is only for the direct benefit of the Seller. Should you wish to engage an agent hosting an open house in representing you, you'll then need to sign an agreement that clarifies and specifies that agents role and the rate of compensation they would receive if you purchase property with them.

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