New Buyer Broker Compensation Agreement now available, other updates coming soon
May 17, 2024
Stephen McCoy, Ohio REALTORS Vice President of Legal and Regulatory Affairs, provides details on the upcoming changes to the legal forms resulting from the two changes included in the NAR settlement:
- Compensation offers moved off the MLS: NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs). This change will go into effect August 17, 2024.
- Written agreements for MLS Participants acting for buyers: While NAR has been advocating for the use of written agreements for years, in this settlement we have agreed to require MLS Participants working with buyers to enter into written agreements with their buyers before touring a home. This change will go into effect August 17, 2024.
Ohio REALTORS® will be your trusted partner throughout this transition.
To view the new Buyer Broker Compensation Agreement, click here, and stay tuned to Ohio REALTORS website and communication channels for more form updates coming soon.
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