National Association of Realtors Provides Final Reminder of NAR Practice Change Implementation on August, 2024

Today, the National Association of Realtors provides a final reminder to members, real estate professionals, and consumers that on August 17, 2024, the practice changes following NAR's Proposed Settlement Agreement that would resolve claims brought on behalf of home sellers related to broker commissions will be implemented across the country.

As a reminder, under the settlement, the following practice changes will take effect:

•Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.

•Agents working with a buyer must enter into a written buyer agreementbefore the buyer can tour a home. The practice changes do not require an agency agreement or dictate any type of relationship.

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