IMPORTANT DATES:

JULY 31: FORMS TO LOAD IN ZIPFORMS LIBRARY:

On July 31, the updated MAR forms related to the NAR potential litigation settlement and Maine’s flood risk disclosure law will load automatically into your Zipforms library. These updated forms should be used beginning July 31. To view the changes, marked up versions of the forms are filed in the REALTOR® Access Only section of the MAR website (password: codeofethics)

AUGUST 6: MAR LUNCH & LEARN – UPDATED FORMS:

MAR offers a virtual Lunch & Learn session on August 6 from 12:00 -1:00 p.m. with an overview of the upcoming forms changes regarding the NAR proposed litigation settlement and flood risk disclosure. After the presentation, the remainder of the hour will be Q&A. Register here

AUGUST 7: REMOVAL OF COMMISSION FIELDS FROM MLS:

Maine Listings will remove ALL commission fields (including off-market listings) on August 7, 2024.

BEFORE AUGUST 7: PRINT PRIVATE DETAIL REPORTS:

Print out the private detail reports for all your Active Under Contract and Pending listings showing buyer broker compensation and confirm they align with your expectations.

IMPORTANT - Per Maine Listings Rule 1.3(e) seller concessions will be allowed in the public remarks (Remarks and Advertising Remarks fields found on the main fields tab in Flexmls) when listing a property. However, specific dollar amounts or percentages of these concessions will not be allowed. This keeps the focus on the potential benefits without disclosing exact financial details, which may be more suitable for private negotiations. An offer of a seller concession may not be limited to or conditioned on the retention of or payment to any other brokerage. 

On July 31 and August 1 Maine Listings is hosting learning sessions. Check out this Maine Listings e-newsletter for more information

For more information about MLS changes: help@mainelistings.com

AUGUST 9: FLOOD RISK DISCLOSURE REQUIRED FOR ALL PROPERTIES:

Effective August 9, 2024, Maine law will require flood risk disclosure as it relates to the sale of Maine real estate (residential, land-only, land with improvements and commercial properties). Updated property disclosure forms and a Property Disclosure 2024 Addendum (Flood Hazard) will be released on July 31 and load automatically into your Zipforms library. Read the new Maine law here. 

AUGUST 17: PRACTICE CHANGES:

New policies outlined by the NAR proposed litigation settlement take effect to implement practice changes. August 17 is also the earliest date that the plaintiffs can issue class notice of the proposed litigation settlement. 

IMPORTANT RESOURCES:

Maine’s New Flood Risk Disclosure law (effective August 9, 2024)

NAR Proposed Litigation Settlement (compliance by August 17, 2024)

LAWSUITS - PENDING SETTLEMENT NOTIFICATIONS:

Consumers (and former clients for some) are beginning to receive notifications about pending settlements for a few of the class-action lawsuits across the country. You may start to be asked about “the postcards” or notification letters in the marketplace. The notice gives members of the settlement class information about how to, e.g., make a claim or opt-out of the settlements if, for example, they want to bring their own lawsuits against one or more of the defendants. Under the recent NAR proposed litigation settlement announced on March 15, notifications for that proposed settlement will be distributed in the mid-August time frame.

If someone asks for more details about any of the litigation settlements or whether they should make a claim or opt out of the settlements, you could suggest that they consult an attorney.  You can also refer them to the website or phone number listed on the notice they received for further information.

Updated information about NAR’s proposed litigation settlement can be found on facts.realtor. 

FACTS.REALTOR:

On March 15, the National Association of REALTORS® announced a proposed $418 million settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. On April 19, the Plaintiff’s counsel filed a Motion for Preliminary Approval, and the judge has granted that motion for preliminary approval.

Visit  facts.realtor to find a copy of the proposed litigation settlement, a regularly updated Q&A document, and media releases. Check back often for updates.