How NAR's Commission Changes Impact Your Home Sale or Purchase: A Comprehensive Guide|Denise Watkins
How NAR's Commission Changes Impact Your Home Sale or Purchase: A Comprehensive Guide
Homeowners and buyers, with the National Association of Realtors’ (NAR) new rule on commissions now in effect, you might be wondering how this impacts you when selling or purchasing a home.
First, it's essential to understand that commission structures have always been a crucial part of real estate transactions. Traditionally, commissions or compensation have been negotiable. Often, when a home was sold, the seller would pay the real estate commission. The seller’s agent would then share a portion of that commission with the buyer’s agent.
However, with the new NAR ruling, which follows recommendations from the Department of Justice, things have changed. Sellers can no longer offer compensation directly on the Multiple Listing Service (MLS), although they can still provide compensation or concessions to a buyer or a buyer’s agent. It's important to note that every state, MLS, and brokerage may handle this differently, with over 600 MLSs across the country navigating these changes in their own way.
So, what does this mean for you?
Watch the video to learn what this mean for buyers and sellers!
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