Do you have questions about the NAR settlement?

NAR Settlement Changes

HERE IS WHAT THIS MEANS FOR HOMEBUYERS:

• When working with your agent, you will sign a written agreement before touring a home.

• This agreement, called the Exclusive Buyer Broker Agreement (EBBA), will explicitly outline services and

• fees. This ensures both parties have a mutual understanding of what is being provided and at what cost.

• The EBBA can be tailored to your unique buying needs, i.e., property-specific, area-specific, within a specific

• time period, etc.

• Buyers will now have comprehensive information about the compensation being paid, helping buyers

• understand the full cost of the transaction.

• The seller may agree to offer compensation to your agent, which is permitted, and will be specified at the

• time of purchase.

• You can still accept concessions from the seller, such as offers to pay your closing costs. Concessions will be

• specified in the purchase agreement.

• Exclusive Buyer Broker Agreements apply to both in-person and live virtual home tours.

HERE IS WHAT THE SETTLEMENT DOES NOT CHANGE:

• REALTORS® adhere to professional standards and help you navigate the homebuying process.

• Compensation for your agent is not set by law, allowing you and your agent to have clear and transparent

• discussions about compensation.

• You have choices. Work with your agent to understand the full range of these choices when buying a home,

• which will help you make the best possible decision for your needs.

BOTTOM LINE:

Purchasing a home is a significant investment, and a real estate agent’s expertise and services are essential for

navigating the complexities of the process. From helping you find the perfect home to negotiating the best price

and protecting your interests, a REALTOR® ensures you make informed decisions while securing the best possible

outcome for your investment.

Source: Michael Saunders & Co.