Real estate services are changing -
representation and seller and buyer agreements have been modified.

 

Below is a list of chnages that all Realtors must now adhere to when listing a property for sale
and representing a buyer.

 

SELLERS :

1. As of August 6, 2024, the listing broker’s offer of compensation will no longer be permitted and a seller’s offer of compensation will be prohibited, eliminating the unilateral offer of  compensation.  No offers of compensation may be made in the MLS through fields or comments, any product offered by the MLS, or using any data disseminated from the MLS.  

2. Offering compensation within the MLS system, using MLS data, or using any extension of MLS (including ancillary benefits) will be prohibited.

3.  Disclosures to the sellers in listing agreements will be required to inform sellers that commissions are fully negotiable and not set by law, and the seller must authorize any offer of compensation or buyer concession.

 

BUYERS :

1. Written agreements with potential buyers will be mandatory when offering buyer services and before showing a property, whether virtually or in person. These agreements must clearly state the compensation owed to the buyer’s broker, specifically the total amount the buyer expects to pay for buyer services from any source in the transaction, and must also disclose that commissions are not set by law.

 

If you have any questions about the above information -
please email us at info@RenwickRealtyLLC.com or call us at 513-275-1757