Found 2 blog entries tagged as real estate commissions.

Real Estate Commissions: What You Need to Know

I'm sure you're aware of the recent changes in how real estate transactions are handled in the United States. If you're planning to buy a home after August 17, 2024, it's crucial to understand these updates. There's a lot of misinformation circulating, so let's cut through the noise and dive into the facts. Understanding these changes could save you from paying unnecessary fees to a real estate agent.

The Old Way: Understanding Traditional Real Estate Commissions

In the past, when a home seller listed a property with a real estate agent, they could choose to offer a commission to a potential buyer's agent. This commission was displayed on the MLS (Multiple Listing Service) and visible on popular real…

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The recent settlement between the National Association of Realtors (NAR) and several plaintiffs have significantly changed real estate practices, effective August 17, 2024. These changes aim to increase transparency and reduce potential conflicts of interest, reshaping how agent compensation and buyer agreements are handled across the industry.

Key updates include:

  1. Compensation Changes: The most impactful change is the prohibition of listing brokers or sellers offering commission to buyer agents on Multiple Listing Services (MLS). This effectively ends the common practice where sellers paid both the listing agent and buyer’s agent commissions, leading to greater transaction clarity. MLS platforms will now remove any fields related to buyer-agent…

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