Here's what you need to know as a home buyer with the new NAR settlement:
More Transparency:
Written Agreements: Real estate agents representing buyers will now be required to have a written agreement with you before showing properties. This agreement should clearly outline the services they'll provide and the associated fees. Make sure you understand everything before signing.
Changes in Commission Communication:
MLS & Commission Offers: Previously, offers of compensation to buyer agents were visible on MLS listings. Under the settlement, this is no longer allowed. However, sellers can still offer compensation (like covering some closing costs) through separate negotiation.
Overall Impact:
Consumer Choice Preserved: The settlement aims to give you more options and transparency regarding agent fees. You can still negotiate commission structures, including buyer broker compensation traditionally paid by sellers.
Here are some resources for further reading:
NAR Settlement FAQs: https://www.nar.realtor/the-facts/nar-settlement-faqs
The Truth About the NAR Settlement Agreement: https://www.nar.realtor/newsroom/nar-reaches-agreement-to-resolve-nationwide-claims-brought-by-home-sellers
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