top of page

NAR update: New written buyer agreement requirement starting August 2024

image source: EdgeUp with NAR e-newlsetter June 6, 2024

Recently, a prospect asked me why there were no posts to my blog since 2021, and that just reminded me how bad of a blogger I have been. The reality of the matter is, I have been working my butt off on actual transactions and became a failed blogger. I needed to update my audience for sure and I apologize for the absence of my voice on my personal site. For my work between 2021 up to now, aka "my brag list", please go to my facebook page @ChengWoosterRealEstate. Onward, I intend to use this blog space here for my thoughts and ramblings on real estate and my career, to give it a personal touch. After all, that's what a blog is to me, a journal, not merely a record of transactions already announced elsewhere.

The NAR settlement of 2024 is bringing major updates in our business practices as real estate professionals. The importance of how commission remains negotiable and the importance of having written representation on document are the two keypoints that are highlighted by the settlement. The conversations about buyer representation and compensation will be made definitively prior to establishing a working relationship, as it will be required to be always recorded on paper. I attended the ABOR Broker & Sales Manager Forum on May 30 2024 to get the latest news. New forms have already been developed and will be required for ABOR implementation of Aug 13, 2024. Three versions of Buyer's Representation forms are going to be available, the one page limited service one, the one page short form, and the full length one. Whew, that's a lot of forms, tell me about it, I know! Consumers will need to have at least one version of the new Buyer's Representation form signed prior to viewing a listing. There is even an Addendum Confirming Broker Compensation, that one makes the compensation very transparent to all parties, there will be no guesswork or maybe's here. MLS will no longer offer a place to fill out a % of sales for buyer's broker compensation. Rather, there will be a "Seller's Contribution" field. It will be a brave new world starting Aug 13, and I am here to help you going forward in real estate! Have any questions and comments? Give me ring/email! -- Cheng


Featured Posts
Recent Posts
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square
bottom of page