Home Buyer's Guide to the NAR Settlement

Buying a home is one of the largest financial transactions most people will ever undertake. At Don & Ashley Real Estate Team, we understand how crucial this process is and are here to guide you every step of the way. Recent changes from the National Association of Realtors (NAR) have introduced new practices that could affect Arizona homebuyers, and we just want to clearly explain what they mean for you.

What the New Settlement Means for Tucson Homebuyers:

Written Agreement Before Touring a Home: You will need to sign a written agreement with our team before touring a home (these are the new rules, we didn’t make ‘em!). This can sound scary at first, but this agreement simply reflects what you’ve discussed with us and that you understand exactly what services will be provided, who will be providing those services, and who will be paying for them. You’ll want to keep in mind that written agreements apply to both in-person and live virtual home tours.

You do not need a written agreement if you are just viewing an open house or asking about services.

Detailed Compensation Disclosure: Our team will include a clear disclosure in your agreement about the amount or rate of compensation we will receive and how it will be determined. We’ll keep things straightforward (e.g., $0, X flat fee, X percent, X hourly rate). Nothing will be left open-ended.

Compensation Limitations: The agreement will make it clear that we can’t get paid more than the agreed-upon amount or rate. Anything offered over our agreed upon rate will be credited to you, the buyer.

Negotiable Broker Fees: It will also disclose that broker fees and compensation are negotiable and not set by law or MLS.

The seller may agree to offer compensation to our team, as a buyer broker. This practice is allowed, but it cannot be shared on a Multiple Listing Service (MLS)—an MLS is a local marketplace used by both buyer brokers and listing brokers to share information about properties for sale. As an added bonus, we will call listing agents prior to showing you a home to find out what is being offered and if you would be obligated to pay anything.

You can still accept concessions or credit from the seller, such as offers to pay your closing costs.

Note: These changes began on August 5th.

What Stays the Same:

Don & Ashley Are Here for You: Our team is dedicated to helping you navigate the homebuying process, always keeping your best interests top of mind.

Agent Compensation is Negotiable: Compensation for our team remains fully negotiable. We will have clear and transparent discussions with you about compensation, so feel free to ask questions and understand what services you are receiving.

You Have Choices: There are many choices when buying a home. Our team will help you understand all your options so you can make the best decision for your needs.

If you have any questions or need more information, the Don & Ashley Real Estate Team is here to ensure your homebuying experience is as smooth and successful as possible!