NAR Settlement Update and Practice Changes
I’m sure many of you have heard about the new laws going into effect on August 17th regarding broker practices and real estate commissions. There is a lot of misinformation circulating and we would like to help buyers and sellers navigate these new laws so they can make informed decisions. Below is a quick breakdown of the changes.
Offers of compensation will no longer be permitted through the MLS.
A listing broker can agree to share its commission with a buyer’s broker, but only with the seller’s approval.
A buyer and seller may agree (via purchase agreement) that the seller will cover some of the buyer’s closing costs, including buyer’s broker fees.
Broker commissions are not set by law and are fully negotiable.
Realtors working with buyers must enter into a written buyer’s agency agreement prior to showing homes.
The written agreement must state the amount of compensation to be paid to the buyer’s broker.
Practice changes will be implemented on August 17, 2024.
Please contact us directly with any questions you may have.
Lyndsey O’Brien and Ryan Sagady
Realtors/Broker/Owners
Lyndsey O’Brien: 248-838-8564
Ryan Sagady: 989-385-1311