Understanding the NAR Settlement: What Buyers and Sellers Need to Know
The NAR settlement isn't some secret handshake club; it's a game-changer. Here's the lowdown:
No More MLS Whispering
Remember those hush-hush conversations about commissions on the Multiple Listing Service (MLS) that started to push to your fav home search sites? Well, they're officially off the menu. The NAR settlement says, "Thou shalt not communicate compensation via MLS." But fear not! We realtors are still allowed to negotiate or notify off-MLS, like two spies passing notes in a crowded room. So, buyers and sellers, rest assured that your agent's are still able to discuss commission prior to showings so you know going in.
Written Agreements Galore
Buyers, listen up! Before you traipse through that dreamy Craftsman bungalow, we need to ink a buyer agency contract. The NAR now insists on written buyer agreements before showtime. Think of it as a pre-date contract—minus the awkwardness. And, if need be it can be just for that one date. Sellers, don't fret; this just means we're all on the same page. No surprises, no disappearing acts—just good ol' transparency.
Luckily in NH we are already in the habit of using buyer agency contracts, so we are ahead of the game. Some states have still been using implied agency..ouch
What Buyers Will See
More Clarity: You'll receive a clear breakdown of services and compensation from your realtor. No more cryptic commission discussions. It's like getting a decoder ring for the real estate world.
Agreement Time: Before you slip on those shoe covers and tour that cozy split-level, expect to sign a buyer agency agreement. It's like saying, "I choose you, Pikachu!" but with less lightning bolts.
What Sellers Will See
Agent Ninja Skills: Your realtor will still work their magic behind the scenes. Negotiating, marketing, and Jedi mind-tricking buyers into falling in love with your home—it's all part of the package. That being said, offering buyers agency compensation while a choice, is still in your best interest to getting plentiful showings and higher offers.
No MLS Confessions: Your agent won't spill the beans about commissions on the MLS. But rest assured, conversations about compensation will be had behind the scenes and before your showings. It's like James Bond sipping martinis—shaken, not stirred.