A settlement announced by the National Association of Realtors on Friday, which ended its litigation with some homesellers, is expected to fundamentally change the rules around how Americans buy and sell their homes.
But while the changes will be sweeping, when the $418 million settlement goes into effect in July after court approval, several aspects will remain familiar. Commissions aren’t disappearing — you’ll still need to pay a real estate agent for their work, just as you would any service provider. And the commission, which is set between an agent and the seller, will continue to be negotiable. The seller’s agent will also still be able to split the commission with the agent bringing the buyer.
However, now, sellers and their agents are no longer required to offer compensation to a buyer’s agent, and they’re prohibited from listing any compensation information at all on the MLS. This means buyers will need to negotiate their own agreement with their agent. And MLS participants working with buyers will be required to sign a buyer’s representation agreement. This agreement will specify the work the buyer’s agent will do and how they will get paid.
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