Recent legal developments and changes in the real estate industry require Multiple Listing Service (MLS) Participants/REALTORS® to notify you of the following:
- Compensation is not set by law and is fully negotiable.
- The Baird & Warner Buyer Representation Agreement is not a government-specified form.
- As of August 17, 2024, MLS Participants/REALTORS® are prohibited from and will NO longer offer compensation to buyer brokers or buyer representatives through the Multiple Listing Service (MLS).
- MLS Participants/REALTORS® will not receive compensation from any source that exceeds the amount or rate outlined in a Buyer Representation Agreement without prior written agreement.
What this means to you:
Starting 8-17-24, everyone MUST sign a Buyer's Agency form BEFORE you see the home you are viewing that day. This is the new law and ALL offices and buyer brokers MUST comply. (You can either sign before by DocuSign or sign when you get to the home you are seeing.)
After August 17th, compensation is NOT set by law and is fully negotiable at the time of purchase and/or signing the agreement. If buyers are looking at many homes, (that day or in the days that follow) there is a form to amend the original contract on a house-per-house basis.. Copies of these forms are kept by all the managing brokers of ALL offices. Commission rates or percentages may vary as the sellers may pay some or all of commission, or the buyers will have to pay some or part of the commission...(Each house looked at will have their OWN commission amount that will be paid to buyer's agent)
As of August 17, 2024, everyone is prohibited from offering compensation to buyer brokers or buyer representatives in the MLS. This has to be negotiated at the time of contract or on-a-house-to-house showing with an updated one page form as stated above...OR the original form can be for cities, counties, school district, etc., which will eliminate a house-by-house one page update--unless the commission is different for each home). MLS REALTORS cannot receive compensation from any source that exceeds the agreed amount without prior agreement by all.
If you would like a list of the services we offer in the closing of a home, we will be happy to email you a detailed list. This is new for all Realtors and consumers, so as with anything there will be an adjustment period. We will need to talk more about commission before signing anything. Please call or reach out with your questions, 630-327-2570. Thanks!