National Association of Realtors® Reminds Members and Consumers of Real Estate Practice Change Implementation on August 17, 2024
01 Agosto 2024 - 8:00AM
The National Association of Realtors® reminds members, real estate
professionals, and consumers that on August 17, 2024 the practice
changes following NAR’s Settlement Agreement that would resolve
claims brought on behalf of home sellers related to broker
commissions will be implemented across the country.
NAR recommends all MLSs implement practice changes by August 17.
Realtor® MLSs (those owned exclusively by one or more Realtor®
Associations) must implement the changes by this date to remain in
compliance with NAR policy.
Under the settlement, the following practice changes will take
effect:
- Offers of
compensation will be prohibited on Multiple Listing Services
(MLSs). Offers of compensation will continue to be an option
consumers can pursue off-MLS through negotiation and consultation
with real estate professionals. Offers of compensation help make
homeownership and the benefits of professional representation more
accessible to buyers—especially first-time homebuyers—increase
homeownership opportunities for historically underserved groups,
and benefit sellers by expanding the potential buyer pool and
ensuring they receive the best offer possible for their
property.
- Agents working
with a buyer must enter into a written buyer agreement before
touring a home. The practice changes do not require an agency
agreement or dictate any type of relationship. NAR encourages all
members to address form changes and prepare to educate real estate
professionals and consumers about revised forms as soon as possible
ahead of August 17. NAR policy does not dictate terms of buyer
agreements, but NAR has created resources to assist with
implementation of the settlement terms—such as tips on clarity and
emphasizing consumer choice and a “Written Buyer Agreements 101”
resource.
“NAR members are dedicated, intelligent, and highly adaptable
experts in their fields—that’s why Realtors® are such an integral
part of the homebuying and selling process,” said Kevin Sears,
President of NAR. “These changes help to further empower consumers
with clarity and choice when buying and selling a home. As the
August 17 practice change implementation date approaches, I am
confident in our members’ abilities to prepare for and embrace this
evolution of our industry and help to guide consumers in the new
landscape.”
Consumers can find additional information on what these changes
mean for their homebuying and selling experiences in
NAR’s buyers and sellers guides. For NAR members, the practice
changes are outlined in detail here, and detailed information is
available in NAR’s FAQ. Please visit facts.realtor for
the latest updates on the settlement and practice changes.
About the National Association of Realtors®The National
Association of Realtors® is America's largest trade association,
representing 1.5 million members involved in all aspects of the
residential and commercial real estate industries. The term
Realtor® is a registered collective membership mark that identifies
a real estate professional who is a member of the National
Association of Realtors® and subscribes to its strict Code of
Ethics.
# # #
Information about NAR is available
at nar.realtor. This and other news releases are
posted in the newsroom at
nar.realtor/newsroom.
Mantill Williams
National Association of REALTORS®
202/383-1128
mwilliams@nar.realtor