Starting August 17, 2024, MLS Participants must enter into written agreements with buyers before any home tours, including in-person and virtual tours. These agreements are designed to benefit consumers by clearly outlining the services provided and how MLS Participants will be compensated. The mandatory provisions include disclosing the amount or rate of compensation, ensuring compensation is objectively ascertainable, and stating that broker commissions are negotiable. These changes promote transparency and clear communication between real estate professionals and their clients.
To help you prepare for these new requirements, we encourage you to review the detailed guidelines and considerations provided by the NAR. These include suggestions on formatting agreements, addressing types of representation, and including additional consumer protection clauses. For more information and to access additional resources, please visit Facts.REALTOR to ensure you are fully compliant and ready for the upcoming changes.
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