undefined NaNrd, NaN
I'm Billy Sutton, your trusted real estate expert in Kent County, Maryland. Today, I want to discuss the settlement agreement reached by the National Association of REALTORS® (NAR) and what it means for home buyers and sellers. This settlement is big news in the real estate industry and is set to take effect on August 17, 2024. Let's dive into the details.
On March 15, NAR reached a settlement agreement with plaintiffs to end litigation regarding broker commissions. This settlement brings several changes to how we conduct transactions, particularly concerning written agreements between buyers and their real estate agents.
Written Agreements: If you're looking to buy a home and your agent lists properties on a Multiple Listing Service (MLS)—a local marketplace for real estate professionals—you will now need to sign a written agreement with your agent before touring homes. Here's what these agreements will include:
There are also updates on how offers of compensation are communicated due to this settlement agreement. These offers will no longer be listed on MLS platforms. However, sellers can still offer compensation off the MLS and provide buyer concessions on the MLS, such as covering buyer closing costs.
As a Home Buyer:
The updates from the NAR settlement agreement are designed to bring more transparency and fairness to real estate laws and transactions, benefiting both buyers and sellers. When finding an agent to work with, ask questions about their services, compensation, and the new written agreements to make informed decisions.
As your trusted real estate agent and advisor, I'm here to help you navigate these changes and ensure a smooth and positive experience in your real estate transactions. Feel free to reach out if you have any questions or need further clarification.
Whether you’re selling or buying a home for the first time or the tenth time, we’re here to help the process go as smoothly and quickly as possible. Just let us know your Chestertown real estate goals and we’ll make them happen.
We’d be happy to discuss your estate for sale and answer any questions you may have about buying or selling homes in Maryland. Drop us a line or fill out the contact form today – we look forward to getting to know you!
Comments