Major news organizations have been reporting on a purposed settlement with the National Association of Realtors, “NAR.” Under this purposed settlement, which still needs final court approval, Realtor commissions will no longer be reported in the multiple listing service. And, buyer’s agents will not be allowed to show prospective buyers a home without having the buyers sign a “Buyer Representation and Broker Compensation Agreement.” This agreement must clearly state what percentage of the sales price or what fixed amount that the buyer is agreeing to pay the agent as a commission.
If you are someone who wants a tour of Ocean Hills Country Club and to see any Ocean Hills homes for sale, you will be asked to sign this agreement before your tour. We are expecting this rule to be in effect across all states mid July. Many agents will choose to start following the new rules immediately.
Contact Gary Harmon for more questions regarding this major new change in how real estate sales will be handled.
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