Changes for sellers include commission disclosure and payouts.
What changes in real estate should sellers prepare for? Today, we’re revisiting the real estate changes that started in mid-August, this time for the seller’s side of the transaction. Most changes have happened on the buyer’s side, but there are some minor adjustments that sellers should be aware of. Overall, 95% of the process remains the same aside from some updates on the following:
1. Listing contract. Minor changes were made on how commissions are disclosed and divided between buyers, brokers, and sellers. The entire national real estate industry had to adjust our process to comply with the new rules from the NAR.
““It’s our duty as agents to make the process smoother for you. ””
2. Purchase agreement. When working with buyers, we need to discuss with clients how a buyer’s agent’s compensation is paid out. Initially, a buyer’s agent can request to see the broker-to-broker payout form from the listing agent. In the event that form cannot be obtained, the buyer’s agent commission can be indicated on the purchase agreement.
These are two of the biggest changes in the real estate industry which resulted in quite a bit more paperwork. However, the industry is working to simplify this process and make it as smooth as possible for consumers.
Our goal is to address your concerns, discuss our process, and explain the changes in the smoothest way possible. If you have any questions about the changes that took effect in mid-August 2024, feel free to contact us anytime at (952) 212-3597. We’d love to discuss them with you.
