Did you know?

A massive change is underway in 2024.  The National Association of Realtors announced that they would settle pending litigation regarding buyer representative compensation.  Under the previous system, which had been in place since the 1990s, the compensation the seller had agreed to compensate the representative of the buyer was clearly listed in MLS, the Multiple Listing Service.  As part of the agreement, "NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS."  Sellers are still allowed to compensate buyer representatives, they just can't post in MLS.  There has been a lot of discussion about this settlement in the news lately.  It's still up for debate how this will affect buyer's representative's compensation on average.  One additional change has come about from this.  "NAR has agreed to enact a new rule that would require MLS participants working with buyers to enter into written agreements with their buyers."  Before it was just suggested or encouraged for representatives to get written agreements from buyers, now it will be required.  These changes go into effect in July, 2024.