What the NAR Settlement Means for Homebuyers
Irma Camacho • September 19, 2024
The recent NAR (National Association of REALTORS®) settlement has introduced some new rules to make the homebuying process more transparent and easier for buyers.
Buying a home is a significant milestone, and having a trusted real estate agent to guide you through the process is invaluable. If you’ve heard about the recent National Association of REALTORS® (NAR) settlement, you may be wondering how it impacts you as a homebuyer. Let’s break down the important details so you can better understand what has changed and how it benefits you:
- You Need a Written Agreement Before Touring Homes
Before you start viewing homes with an agent, you’ll now sign an agreement. This document explains what services your agent will provide and how much they’ll be paid. It’s important to review this so you’re clear on what you’re getting. - Clear and Transparent Agent Fees
The agreement will clearly outline how much your agent is being paid. The fee can be a set amount, a percentage, or something else specific, but it won’t be vague or open-ended. Commissions are negotiable, so you can work with your agent to find an arrangement that works for you. - Applies to Virtual Tours Too
Whether you’re touring in person or online, this agreement applies to both. - No Agreement Needed for Open Houses
You don’t need to sign anything if you’re just attending an open house or asking an agent a few general questions. - Seller Can Still Pay Your Agent
The seller can offer to pay your agent’s commission, but this info won’t be shared on MLS (the database agents use to list properties).
What Stays the Same?
- Your Agent Works for You
REALTORS® are still required to act in your best interest and follow a code of ethics. - Fees Are Negotiable
You can still negotiate how much you’ll pay your agent. - You Have Options
It’s important to ask questions and explore your options so you can make the best decisions when buying a home.
These changes are meant to give you more control and clarity during the homebuying process.
For more details on the NAR settlement and how it impacts you, visit facts.realtor.
If you have any questions or need help navigating these changes, feel free to reach out! I’m here to make your homebuying journey as smooth and informed as possible.
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