What Home Sellers Need to Know About the NAR Settlement Changes
**What Home Sellers Need to Know About the NAR Settlement Changes**
Selling your home is a significant financial decision, and having the right guidance is crucial. REALTORS® are trusted professionals who can help you navigate this complex process and make choices that align with your goals. Recent changes introduced by the National Association of REALTORS® (NAR) aim to bring more transparency and flexibility to the home-selling process, particularly concerning broker commissions.
Here’s what you need to know about how these updates, effective as of **August 17, 2024**, may impact you as a home seller.
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### **What’s New for Home Sellers?**
1. **You Still Have the Option to Offer Buyer Broker Compensation:**
- Offering compensation to buyer brokers remains an option, and it can be a strategic way to market your home and attract potential buyers.
- Whether or not to make this offer is entirely your choice.
2. **Enhanced Disclosure Requirements:**
- Your agent must provide a clear, written disclosure and obtain your approval for any payments or offers of payment to buyer brokers.
- This disclosure will include specific details about the amount or rate of compensation being offered, ensuring you are fully informed before any agreements are made.
3. **Changes to How Compensation Is Offered:**
- If you decide to offer buyer broker compensation, it can no longer be included on the MLS (Multiple Listing Service).
- Instead, your agent can advertise the compensation through alternative channels such as social media, flyers, or websites.
4. **Buyer Concessions Are Still Allowed:**
- You can continue to offer concessions to buyers, such as covering closing costs, and these can still be listed on the MLS.
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### **What Hasn’t Changed?**
1. **REALTORS® Are Committed to Your Best Interests:**
- REALTORS® are ethically obligated to prioritize your interests throughout the home-selling process.
- They will guide you in making decisions that align with your objectives and help you achieve the best possible outcome.
2. **Agent Compensation Remains Negotiable:**
- Your agent’s compensation is fully negotiable.
- REALTORS® are required to have open and transparent discussions with you about their fees and any offers you may choose to make to buyer brokers.
3. **You Retain Control and Flexibility:**
- As the seller, you have numerous options when it comes to marketing your property.
- Collaborate with your agent to explore these options and determine the best strategy for your specific needs.
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### **How These Changes Benefit Home Sellers**
These updates are designed to give you more control and clarity over how broker commissions are handled. By ensuring all agreements and payments are fully disclosed and approved by you, the process becomes more transparent and tailored to your preferences.
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If you have questions about how these changes impact your home-selling journey, I’m here to help! Visit [Towner-Homes.com](https://Towner-Homes.com) for more information, or feel free to reach out to discuss how I can assist you in achieving your home-selling goals.
For further details about these changes, visit [facts.realtor](https://facts.realtor).