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This past Saturday the new rules related to the NAR settlement went into effect. I want to take a moment and demystify this for you. As always if you have any questions call or text me anytime!
There are three points I would like to cover:
1: We are now required to have a written agreement with Buyers before showing them property. Where as previously we did not have to do so until we wrote an offer. Therefore before I can meet you at any properly to let you in we have to have one of those in place. We will still have a "fire each other at any time for any reason" clause in the agreement (Easy Out Clause), more below on that.
2: The disclosures on all written agreements have been updated to more clearly remind consumers of what has always been true. Commissions are negotiable. I have annotated the Listing Agreement as well as Buyer Representation Agreement below for your review.
3: Now Realtors are not allowed to have any advertised compensation mentioned in MLS listings. Those negotiations must be off MLS conversations now. I have a strategy in place to best protect you and negotiate on behalf of both my Seller and Buyer clients. It is already working, and you will be the beneficiary of this new way of doing business.
For the last eight years I've been using the "Easy Out Clause" in all agency agreements. It's a way of protecting myself and communicating to my clients that if I'm not doing my job they can fire me anytime for any reason. You will never be "stuck" in an agency agreement with me. When you look at the new docs below you will notice the Easy Out Clause highlighted on the final page of each. Follow the red arrow. I have also highlighted the new compensation language in each agreement for your review. Under the Easy Out Clause of the Buyer agreement, you will notice my cooperating compensation shortage clause, which is how as a general rule I intend to NEVER stand in the way of one of my clients Buying due to compensation. You can rest assured I will NOT let compensation stand in the way of your purchases.
See annotated Listing Agreement HERE
See annotated Buyer Representation Agreement HERE
Consider me your Realtor and Friend, call or text me anytime if you need me!
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