The National Association of REALTORS® has issued a final reminder to members, real estate professionals and consumers that on Saturday, August 17, 2024, the practice changes following NAR’s settlement agreement that would resolve claims brought on behalf of homesellers related to broker commissions, will be implemented nationwide.
According to a release, REALTOR® MLSs (those owned exclusively by one or more REALTOR® Associations) must implement the changes by the August 17 date in order to remain in compliance with NAR policy.
Under the settlement, the following practice changes will take effect:
- Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.
- Agents working with a buyer must enter into a written buyer agreement before the buyer can tour a home. The practice changes do not require an agency agreement or dictate any type of relationship.
NAR noted the website facts.realtor has the latest updates on the settlement and practice changes and additional resources to assist with implementation of the settlement terms.
Additionally NAR noted, August 17, 2024, is the first date members of the “Settlement Class”— homesellers who sold a home on an MLS anywhere in the U.S. during the eligible date ranges and paid a commission to a real estate brokerage in connection with the sale of the home—can be informed about NAR’s proposed settlement of the Sitzer-Burnett case, through a process called class notice. Notice will be distributed by mail and electronically. Class notice informs class members of their rights, options and deadlines to exercise those rights and options under the proposed settlement, NAR stated.
For more information on what class notice means for REALTORS®, reference NAR’s video here. Consumers with questions about the class notice or eligibility processes should reference the settlement website or call the settlement administrator at 888-995-0207 for additional guidance.
