Episode #379 - 8/16/24

Jay Day's Real Estate Podcast

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🔍 Real Estate Practice Changes Due to NAR Settlement Agreement 🏠📜

The real estate landscape is evolving! The recent NAR settlement agreement has introduced significant changes that impact how real estate transactions are conducted. Here’s a breakdown of what you need to know:

📝 Key Terms of the Agreement:

1. Release of Liability: NAR, over one million members, state/territorial and local REALTOR® associations, MLSs, and brokerages with a residential transaction volume of $2 billion or below are released from liability related to broker commissions. 🚫💼

2. Compensation Offers: No later than August 17, 2024, compensation offers will no longer be posted on MLS. Buyers and sellers can still negotiate compensation outside of MLS, and sellers can offer concessions for buyer closing costs. 💸📉

3. Written Agreements for Buyers: MLS participants must enter into written agreements with buyers before showing homes, effective August 17, 2024. 📝🏡

4. Settlement Payment: NAR will pay $418 million over four years but will not change membership dues for 2024 or 2025. 💰💼

5. NAR’s Stance: NAR maintains that their policies benefit buyers and sellers, promoting access to property ownership. 🤝🏠

🔄 What This Means for Buyers and Sellers:

- Buyers: You’ll need to sign written agreements with agents before house tours. Compensation offers will need to be negotiated directly rather than through MLS. 🖊️🔍

- Sellers: Offers for compensation won’t be posted on MLS, but you can still offer concessions towards buyers' closing costs. 🏡💵

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