Agency: Colorado & The NAR Settlement, #110395-Fact Sheet for Buyers

Fact Sheet for Buyers

Pdf Summary

REALTORS, members of the National Association of REALTORS, play a crucial role in homebuying. A recent settlement by NAR introduces changes benefiting homebuyers. Buyers now need a written agreement with their agent before touring a home, specifying compensation terms clearly. This agreement applies to both physical and virtual tours. Speaking to an agent at an open house doesn't require a written agreement. While sellers can offer compensation to the buyer's agent, this information can't be shared on MLS. Buyers can still receive concessions like the seller paying closing costs. These changes take effect on August 17. However, the settlement doesn't alter the commitment of REALTORS to guide buyers ethically. Compensation terms remain negotiable, with REALTORS following the Code of Ethics and being transparent about compensation. Buyers are encouraged to discuss options with their agent to make informed decisions when purchasing a home. For further information about these changes, visit facts.realtor.

Keywords

REALTORS

homebuying

NAR settlement

written agreement

compensation terms

physical tours

virtual tours

open house

closing costs

Code of Ethics