The National Association of REALTORS® (NAR) has reached a proposed agreement to resolve the nationwide claims brought by home sellers. The settlement is subject to court approval.
The agreement would resolve claims against NAR, all state and local REALTOR® associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or less.
You can read the proposed settlement agreement in its entirety here.
Key Practice Changes Effective August 14, 2024
- Prohibition of Compensation Offers on Bright MLS. Compensation offers will no longer be permitted on Bright MLS. However, consumers can still pursue compensation offers off-MLS through negotiation and consultation with real estate professionals.
- Written Agreement Requirement for Buyer Agents. Agents working with buyers must enter into a written agreement before touring a home. To support the implementation of this requirement, NAR provides resources such as “Written Buyer Agreements 101” which offers tips and clarity emphasizing consumer choice.
- Mandatory Client Disclosure Form for Bright MLS. Starting August 14th, Bright MLS will require the use of a client disclosure form. This form ensures that the required NAR disclosures are presented to clients and helps clarify marketing options and MLS rules for both buyers and sellers. You can download the form here.
To find out more information on Bright MLS Policy Changes please click here .
PAR Forms Update