The National Association of Realtors (NAR) updated when the policy changes of its Sitzer/Burnett settlement agreement will go into effect.
Originally slated for July, the policies will now go into effect on Aug. 17. These changes will prevent listing brokers from offering commissions to buyer’s agents on a multiple listing service (MLS) and will require agents working with buyers to obtain written agreements prior to taking them on a property tour.
“Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals,” said the organization in a newly published webpage that includes 95 questions relating to the settlement. “And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs).”
NAR also reported the final court approval hearing on the settlement is scheduled to take place on Nov. 26.
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Awfull
How do agents opt out of NAR since that organization has obviously failed its constituents? What are agents paying dues for if NAR cannot even stand up to a frivolous lawsuit like this? Shameful and embarrassing.
NAR threw every realtor under the bus. They lost to a personal injury attorney. Have you seen the UAW, Steel Workers, Electrical or Labor Unions just give up on who they represent? Yeah, neither have I.
I do like the fact that Buyers Agency will now be required. But not disclosing Buyer agency payouts is totally unacceptable. Now every agent is going to have to either call the listing agent or be called by buyers agents, just to find out what that payout is, prior to even showing a home. How on earth is this transparency? Buyers are not going to view homes until they know what the payout is, now that they are being forced to pay the difference. This is going to create a huge breakdown of the system. I anticipate this will help to crash the market, at least temporarily, until this mess gets rectified. Prices will go down to reflect the difference in the price of the commission paid out. My heart goes out to every appraiser that is going to have to figure out the future appraisal process. As every agent knows, FSBO’s always make less money and one of the reasons is due to lack commission payouts.