Under the National Association of REALTOR’s recent Settlement Agreement REALTORS are now prohibited from advertising commission fees in the MLS starting in July 2024. Offers of Compensation can continue to be an option that consumers can pursue off the MLS through negotiations and consultations with real estate professionals. Sellers who want to participate in concessions for their buyer will now be allowed to advertise a concession for a buyer’s closing costs in the MLS. You just won’t be able to advertise the actual % amount.
Also, starting in July 2024 buyer’s will no longer be able to preview a home without first signing a Buyer Broker Agreement. Buyers who show up at an Open House will now be required to sign a Buyer Broker Agreement before previewing the home. If a Buyer is already represented by a real estate agent, the listing agent must contact their agent to confirm prior to showing the buyer the home.
Currently, the Columbus Realtors Standard Forms committee is working hard to make all the necessary updates to real estate forms so these forms can be implemented for the July 1, 2024. Deadline. In the meantime, there is a lot of mis information about the real estate commissions and how they can be paid in the future. Basically, a Commission can still be offered by a Seller, but the actual amount of that commission cannot be advertised in the MLS. For Buyers, they won’t be able to go see any home unless they are being represented by a real estate agent and have signed a Buyer Broker Agreement.
