What you need to know about the new NAR settlement and seller concessions.
I’m back once more to give you the latest news about the NAR settlement and changes that were recently announced. It was previously mentioned that changes to the NAR settlement would take place in July, but it has been moved back to August 17. I will also talk about how this settlement will impact commission communication.
One of the key changes that will happen is that Realtors are no longer allowed to advertise buyer agent commission details through the MLS system. However, sellers can still offer commissions through websites or other channels.
Additionally, some MLS systems are going to include two new “seller concessions” fields nationally. The first one would be a yes-or-no field indicating a seller concession option. The second field aims to identify if the concession is a dollar amount or a percentage of the sales price at closing, though the actual amount or percentage will remain confidential. This means that while the settlement takes away the ability to communicate commissions, it does not restrict the ability to communicate seller concessions, which could include typical closing costs or other incentives.
“Some MLS systems are going to include two new “seller concessions” fields nationally.”
The Triangle Area MLS hasn’t confirmed adding these new fields yet, but it’s possible that they’ll adopt a similar approach. So, stay tuned for my next update. If you have any questions as a buyer or seller, contact me and feel free to share your thoughts via email at [email protected], or you can call or send me a text directly at (919) 759-6359. Together, let’s navigate these changes.