NAR LAWSUIT: WHAT HAS CHANGED?
Strictly my opinion: To summarize the recent National Association of Realtors lawsuit, new rules have been developed 
to encourage homebuyers to select their own real estate agent, and to negotiate that representative’s compensation without any influence from the Seller.
The result of the “commission settlement” also changes the forms that real estate professionals have been using. In addition, a licensed REALTOR® MUST now obtain a written agreement with a potential buyer prior to showing any home.
Effective immediately, any “Buyer Agent” compensation that the Seller is offering will no longer be published in the MLS. Agents will now need to call the Listing Broker/Agent to see if any compensation is offered. By the way, this is similar to commercial real estate.
One thing that has not changed is the fact that compensation has always been negotiated. But the new rules encourage a homebuyer to select a representative, and encourages real estate professionals to earn the position. This is great news for the residential real estate industry. Homebuyers must agree to any compensation for their Agent, in writing, before looking at a homes. And the homebuyer must agree to pay that compensation stated on the Compensation Agreement.
If a homebuyer does not want to pay any compensation, they have a choice of being unrepresented. This is similar new home sales. The agent is able to show the home for the benefit and best interest of their client the Seller.
What Does a Buyer Agent do?
True to their name, buyer’s agents are ethically obligated to work in a buyer’s best interest. They help real estate buyers navigate the real estate market and can also sav
e you tons of time on the road to your new home.
Recently, the National Association of REALTORS® reached a settlement that goes into effect on Aug. 17. The settlement includes several changes between the agent and buyer relationship that benefit homebuyers.
Read on to learn how a real estate buyer’s agent can help you in your home search, and how to find the right one for you.
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Disclaimer: This blog is strictly an opinion. You are encouraged to seek professional advice from your financial advisors.
We believe that using a tenured Real Estate professional will more than pay for any compensation, in addition to saving stress and mitigating liability.
Our View: It is the NET that matters.
Real estate can be one of the largest financial investments in a person’s life. Liability on the chain of title can outlive your legacy. We see this as a positive stride toward elevating the professionalism and acknowledgment that tenure plays in achieving optimal returns. Put tenure in your transition. Exec-Elite.com
Disclaimer: This blog is strictly an opinion. We are not legal or financial advisors. You are encouraged to seek professional advice from your personal advisors.
Call me for any real estate related questions you may have 602-980-0737 DeniseVDB@Exec-Elite.com
