Federal Issues

The NAR Settlement: How Does It Affect You?

July 5, 2024

After a lot of deliberation, you have decided it’s time to sell your home. Or, you’ve had your eye on the market and have decided that it’s the right time to buy. Either way, as you are doing your research, you keep running across articles about the National Association of REALTORS® (NAR) and a large legal settlement. Is this relevant to your situation? Will it somehow cost you money? Here are five things to know when buying or selling a home.

  1. If you are a buyer and your agent is using an MLS, you will need to sign a written agreement with your agent before touring a home so you understand exactly what services will be provided, and for how much. In Georgia, this can be accomplished using the Georgia REALTORS® Buyer Brokerage Engagement Agreement or the Agreement to Work with Buyer as a Customer.

  2. These agreements are required for both in-person and live virtual home tours.

  3. You do not need a written agreement if you are just speaking to an agent at an open house or asking them about their services.

  4. When finding an agent to work with, ask questions about their services, compensation and these written agreements.

  5. Agent compensation for home buyers and sellers continues to be fully negotiable.

More details about these changes and what they mean can be found online at competition.realtor. Additionally, your REALTORS® can explain in depth to you how these industry changes will — and will not — affect your search for your dream home, or the sale of your current home.

SOURCE: National Association of REALTORS®, 2024


More from News