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The National Association of Realtors settled a nationwide class action lawsuit with residential sellers. As a result, industrywide real estate changes are being implemented this month. The deadline for implementation is Aug. 17, 2024 but the new rules actually went into effect Aug. 1 in Arizona. The impact to buyers and sellers is summarized below.
HOMEBUYERS
- You’ll now sign a written agreement with your agent prior to touring homes.
- The buyer-broker employment agreement includes a specific amount or rate of compensation your agent receives when you purchase and close on your home. This is negotiable.
- The seller may offer to pay all or part of the compensation to your agent. This is still allowed, but no longer appears in the MLS.
- Regardless of whether the seller offers up front to cover all, part, or none of your agent’s commission, your offer to purchase the home can be made contingent on the seller doing so.
- Open houses continue and no agreement needs to be signed to tour the home.
- For complete details, click here.
HOME SELLERS
- You still have the option to offer compensation to your buyer’s broker. In fact, I encourage this as part of the overall property marketing plan making your listing more attractive to potential buyers.
- If you choose to offer compensation to the buyer’s broker, there are changes to how this occurs. This offer no longer appears in the MLS but with your permission, I can promote it on other platforms such as social media, flyers, a sign at the property, and other websites.
- Regardless of your compensation offer, the buyer may ask for you to pay a specific amount as a term within their offer. In other words, their offer may be made contingent on you doing this. As with any contract term, it is negotiable and of course what’s important is the NET amount you’ll receive.
- For complete details, click here.
If you have questions about these industrywide real estate changes, please don’t hesitate to reach out. I’m here to help guide you throughout the process to a successful closing!
