Buying a home is one of the largest financial transactions most people will ever undertake. Agents who are REALTORS® are a trusted source of advice and stand ready to help you navigate your homebuying journey and make the choices that work best for you. NAR's recent settlement has led to several changes that benefit homebuyers, and we wanted to lay them out for you.
Here is what the settlement changes:
- Sellers offer of compensation to a buyer agent can no longer be shown in the MLS.
- Buyers will be required to sign a written agreement with their agent before viewing a home. The agreement will reflect the terms you have negotiated with your agent and help you understand exactly what services and value will be provided, and for how much.
- A buyer and a seller will agree on the terms of an offer. Payment for services is part of an offer.
Here is what the settlement doesn't change:
- As REALTORS®, we are here to help you navigate the homebuying process and are ethically obligated to work in your best interest.
- Compensation for an agent's services remains fully negotiable and your agent will have clear and transparent discussions with you so that you fully understand what services you are receiving.
- You have choices. Your agent will work with you to understand the full range of these choices when buying a home, which will help you make the best possible decision for your needs.