You may be aware that The National Association of REALTORS® has recently made policy changes to enhance transparency in the home buying and selling process.
We will look at 5 ways home buyers and sellers are impacted by these changes.
Buyers will now sign a written agreement with a broker before touring a home. In this agreement, you will negotiate the length and terms of the broker's representation, including the services they will provide and the amount or rate of their compensation.
In the written buyer broker agreement, broker compensation must be clearly stated: the amount or rate of compensation or how this amount will be determined. This compensation is fully negotiable between you and your broker.
As a home seller, you cannot advertise offers of compensation on a multiple listing service (MLS).
On the MLS, sellers can state they are willing to concessions with the buyer. Examples of a concession is offering to pay for inspections or closing costs for the buyer.
Whether you are a buyer or a seller, broker compensation remains fully negotiable and is not set by law.
Your REALTOR® is obligated to work in your best interests and has pledged to act in a manner that is consistent with broker duties, and the REALTOR® Code of Ethics.
Learn more at www.facts.realtor.
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