Insights into the NAR Settlement: Impact on Home Buyers, Sellers, and Realtors

Insights into the NAR Settlement: Impact on Home Buyers, Sellers, and Realtors

Paden and Austin dive into the NAR Settlement and how it is going to impact buyers, sellers, and realtors!
Previously, a seller had to offer a buyer’s agent commission and now they are separating that. Seller’s are in charge of their listing agent’s commission, now buyer’s are in charge of taking care of their agent’s commission. The seller’s will no longer be advertising a buyer’s agent commission on the MLS (Multiple Listing Service). Sellers can still offer a buyers agent commission, it just can’t be advertised on the MLS. Another change deals with written agreements going over agency with buyers. At our office in the past, we have always signed Buyer-Broker Agreements but that typically didn’t take place until an offer was going to be submitted. It will now be required to have a Buyer-Broker Agreement signed before touring properties. These items will go into effect middle of July 2024. However, it isn’t finalized yet and things can still change.

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