QUESTIONS & ANSWERS
What is the proposed NAR Settlement and how does it affect the MLS and my “practices” as someone who lists and sells real estate?
The proposed NAR Settlement is a legal agreement that brings protection to REALTORS, MLSs, Associations, and others, from major Class Action Litigation and Judgements and changes how buyer agent commissions are offered. Under the proposed Settlement, MLSs will no longer be defined as “Unilateral Offers of Compensation.” SDMLS will be making the changes on August 12 to make sure that we are in compliance with the Settlement on the deadline date of August 17. As of August 12th, 2024, SDMLS will remove all input and display fields related to Compensation to Buyers Broker (CBB) from the MLS. Buyer agent compensation will now be negotiated directly between the buyer and their agent, through a buyer broker agreement, and not displayed or offered through the MLS.
Additionally, it will now be a requirement that before an MLS Subscriber or Participant can show a property to a buyer, there must be a contract in place between the buyer and the buyer agent, which states in a “readily ascertainable” way, how and how much the buyer agent is to be compensated.
Check with your broker for details.
For more questions and answers, download and read our 17 Questions and Answers on proposed NAR Settlement and SDMLS Policy Changes.
POLICY DOCUMENTATION
