Space Coast MLS Practice Changes:

Two main changes take effect August 15, 2024:

  1. All compensation fields removed from Space Coast Multiple Listing Service for ALL field types (Residential, Rental, Income, Land, Commercial).
  2. Written agreements required when working with buyers, prior to touring property.
View Space Coast MLS Policy Changes

REPLAY: Space Coast MLS Policy Changes ZOOM
Space Coast MLS Policy Changes Course August 8, 2024
 

To Do List: Preparing for August 15, 2024

Current Agreements: Listing Agreements & Buyer Agreements

(Prior to July 2024 updated forms)


TO DO: Provide Disclosure Form to Sellers or buyers if currently working with buyer agreements


Recommendation: Florida Realtors Compensation Disclosure Statement CDS-1

This disclosure should be given to the Buyer/Seller/Owner if the existing listing agreement or buyer agreement does not contain this disclosure. (Click here for preview)


Know the Facts: Facts.Realtor #53
 

Removal of Compensation:


TO DO: Remove any information in Public or Private Remarks for ALL property types that mention the following:


  • Bonus
  • Compensation
  • Commission
  • Any intent to communicate the above
View What You Need To Do Here

FAQ Preparing for August 15: Space Coast MLS

What about Rentals?


When working with clients and customers in all other property types (Rental, Land, Income, Commercial), pursuant to the settlement, you are not required to have a written buyer agreement.


The buyer agreement requirement is triggered prior to touring a home. A "home" means a residential property consisting of not less than nor more than four residential dwelling units.


Note: Compensation is being removed for all property types in Space Coast MLS, you will want to make sure you use an agreement that stipulates in writing how much you as a REALTOR will be getting paid, and by whom, in the closing of the real estate transaction.


Know the Facts: Facts.Realtor #62

Are Offers of Compensation Still Allowed?


Offers of compensation are still permissible, you will now communicate and faciliate the offers of compensation off-MLS.


There are many ways to be compensated for your licensed professional services and representation in a real estate transaction and will depend on the broker-consumer negotiations.

 

  • Listing Broker to Buyer Broker 
  • Seller to Buyer Broker Buyer to Buyer Broker 
  • Representation fees paid through concessions 
  • A combination of above


Reminder: Any compensation paid must go through the brokerage.


Compensation is always negotiable and should always be negotiated between agents and the consumers they serve.
View Compensation Facts Flyer

Where Can I Communicate Offers of Compensation?


You are still able to communicate the offer of compensation by other means outside of the MLS, this could include: 



  • On the listing brokers website 
  • Signs and Sign Riders 
  • Social Media Text, Email and Phone Calls 
  • Flyers


As we have long believed, it is in the best interest of the seller, buyers, and their brokers to make offers of compensation.

Does Space Coast MLS Allow Seller Concessions?


Historically Seller Concessions was a field to be completed on listing close out. On July 29 Space Coast MLS added a YN check box for Seller Concessions on listing entry. This field will encourage greater transparency and greater communication between the listing agents, buyers agent's, and homebuyers by providing up-front information regarding concessions.


This field is not intended to replace compensation.


Y/N check box on listing entry. Yes is not a guarantee of any specific concession type or amount and No does not prohibit an offer coming in that requests a concession. Both Yes and NO cover the "maybe" value.


Seller concessions cannot be limited to or conditioned upon the retention of or payment to a cooperating broker. The buyer should state in the purchase offer how they want the concession to be used, including compensating their broker. Buyers may ask the seller to pay their broker's fee as a term of the purchase agreement. Again, this must be negotiated and included in the purchase offer


Be sure to check with your Broker for any office policies regarding Seller Concessions.

Learn More About Space Coast MLS Seller Concessions

Can I add my website in Space Coast MLS?


Currently, Space Coast MLS allows for external links in the Private Remarks section only. It is important to note that if you add a link to a website that weblink cannot take you to the landing page of any offer of compensation.


The MLS may not allow MLS listings to have an embedded link to a website which, with a single click on the MLS listing, would immediately display an offer of compensation


What does that mean? The link can take you to the "front door" landing page of your website so long as it does not display the offer of compensation on the front page.


Know the Facts: Facts.Realtor #45

Who is Entitled to See the Written Buyer Agreement?


The MLS will be responsible for enforcing the rule regarding written buyer agreements, much like the enforcement of listing agreements.


If it is reported that an agent is working with a buyer without a written buyer agreement, the MLS staff will contact the agent to request a copy of the agreement. 

What if the listing agent refuses to show property if the buyer's broker doesn't show them the written buyer agreement?

Code of Ethics: Standard of Practice 3.10


Participants have the duty to cooperate which is to share information on listed property and to make property available to other brokers for showing to prospective purchasers and tenants when it is in the best interest of their clients.


Standard of Practice 3-10 The duty to cooperate established in Article 3 relates to the obligation to share information on listed property, and to make property available to other brokers for showing to prospective purchasers/tenants when it is in the best interests of sellers/ landlords.

Which Forms Do I Use?


Always refer to your Broker and Brokerage Policy on which form(s) to use and who is able to sign them.


There is no mandatory form to use, some brokerages utilize their own forms, some brokerages utilize Florida Realtors forms. So long as all forms have the required components and mandatory disclosures.


All Florida Realtors Forms provide for all settlement compliant language and disclosures.


If you use or create your own forms, you are responsible to ensure your forms are compliant to the NAR Settlement terms.

Florida Realtors Forms to Consider Using:

Buyer Agreements
View all Florida Realtors Forms

Florida Realtors Forms to Consider Using:

Listing Agreements
View all Florida Realtors Forms

Florida Realtors Forms to Consider Using:

Compensation Agreements
View all Florida Realtors Forms

REPLAY: Florida Realtors Forms Updates:


  • Listing Agreements-Aug 6 Webinar Juana Watkins, Florida Realtors® General Counsel and Vice President of Law & Policy, discusses changes to listing agreements to help you do business in a post-NAR settlement world.




  • New Compensation Forms-June 21 Webinar Florida Realtors has released four new forms — two compensation agreements and modification forms, for each compensation agreement. These new forms aim to provide maximum flexibility to compensation arrangements in the transaction and are designed to allow the participants in a real estate transaction to memorialize compensation arrangements.

Know the Facts: Facts.Realtor


We encourage all members to visit the FAQ on Facts.Realtor for questions and answers regarding the NAR Settlement:


NEW! Transaction Broker: #80 - #85

Offers of Compensation: #27 - #48

Steering: #49 - #52

Written Buyer Agreements: #58 - #79

Financing: #105 - #111
Visit Facts.Realtor FAQ

Marketing Assets for Homebuyers and Home Sellers:


Resources for our members to share:


Compensation is always negotiable and should always be negotiated between agents and the consumers they serve.
 

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