NAR Settlement Update

The recent nationwide settlement marks a significant milestone in promoting transparency within real estate transactions. This development ensures that both buyers and sellers have a clear understanding of how their realtors are compensated. Traditionally, sellers’ listing agents have shared their commission with buyers’ agents, incentivizing more buyers to view their homes. The settlement doesn’t alter these buyer incentives; instead, it enhances transparency by requiring both buyers and sellers to sign a service agreement that explicitly outlines how their agents are compensated. This agreement must be signed before any home is sold or toured.

Previously, both buyers and sellers had specific service agreements with their realtors, with listing agents often sharing their commission to attract buyers. The new settlement mandates that these agreements clearly detail agent compensation and be signed prior to any transaction. At MHC we have always prioritized transparency and fairness and we have always required a signed buyers agreement, so this is nothing new for us. Additionally, by August 17, 2024, the buyer agency fee will be removed from all Multiple Listing Services nationwide.

So What Remains the Same?

First and foremost our unwavering commitment to guiding our clients through one of life’s most significant and complex transactions remains unchanged. As a company we welcome these changes as they align with our core values of transparency, fairness, and exceptional service.As we have said many times before, knowledge is power! Until next time I encourage you to Imagine More!