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Ahead of the August 17 practice changes, NAR wanted to provide a few reminders of actions that are required to obtain a release of liability and protect your organization from claims related to broker commissions:
NAR recommends that all MLSs implement practice changes by August 17. REALTOR® MLSs (those owned exclusively by one or more REALTOR® Member Boards) must do so to remain in compliance with NAR policy.
Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
Agents working with a buyer must enter into a written agreement before touring a home. Ahead of August 17, NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms. NAR policy does not dictate the terms of buyer agreements, but NAR has created resources to assist with implementing the settlement terms—such as tips on clarity and emphasizing consumer choice—including our “Written Buyer Agreements 101” resource, available here.
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