THE NAR ANTITRUST SETTLEMENT RUINED MY LIFE!

I'm sure you all have heard about the NAR Antitrust Settlement and the new rules to split out the Listing Agents' and Buyers' agent commissions.

I just received the Exclusive Authorization and Right to Sell Agreement and I love it. I also received the Buyer-Broker Representation Agreement, and I can honestly tell you that excites me even more.

Hi everyone, Gustavo Pacheco here, your trusted real estate agent. Today, I'm excited to share some important updates regarding the new National Association of Realtors (NAR) regulations and a new document from EXP Realty that will be used for all our listing agreements.

New NAR Regulations:

Starting August 17th, sellers will no longer be required to offer buyer agent commissions. Instead, these commissions can be provided in the form of concessions. Let me explain how this works: Sellers can still offer concessions, which the buyer can use towards various costs such as prepaid title fees, closing costs, and now, the buyer's agent commission.

New Rules in the Exclusive Authorization and Right to Sell Agreement:

Lets highlight some new rules in the Exclusive Authorization and Right to Sell Agreement created by EXP Realty leadership.

One reason I love working with EXP Realty is because our leaders are always innovating to make our lives easier. If you're an agent struggling in this market and unsure how to navigate these changes, feel free to reach out. I'm always available to help.

Listing Broker Compensation (Paragraph 5):

"Broker will earn compensation ("Listing Broker Compensations") when a sale of the property has been completed, regardless of who has found the Buyer ("Buyer"). Listing Broker Compensation shall be paid by Seller in US funds, at the time of, and as a condition of sale completion. This agreement shall serve as escrow instructions. This is where you decide whether it's a set fee or percentage of the gross amount of the purchase price.
I love how the agreement now defines an "unrepresented buyer" and pre-negotiates this upfront. If the Buyer is not represented by a Broker (Buyer's Broker), then Broker (EXP Realty) assumes additional liability and paperwork responsibilities. In this scenario, Broker will not represent Buyer, but will facilitate the completion of necessary forms and ensure fair treatment of all parties. In this situation, the listing broker's compensation shall be exactly $_____: or ___% of the gross purchase price."

Seller Concessions (Paragraph 6):

"Buyers may request concessions from Seller (Seller Concession) in the form of a credit, to be given to Buyer at close of escrow. This Seller concession may be used to reduce Buyers loan costs, title and escrow fees, Buyer's Broker Fee, property repair costs, and other allowable Buyer costs and fees. The final amount of the Seller Concession must be determined in writing, whether in the purchase contract or in other applicable documentation. All concessions are negotiable.
Before August 17, the Listing Agreement would include the total commission the Seller was willing to pay to compensate the Listing agent and Buyer's agent. Now, the listing agreement only determines the Listing Broker's Compensation. Any Buyer Concessions will be negotiated in the Purchase Agreement."

Recording at the Property (Paragraph 12):

"If the seller has an audio or video recording system at the property, they must post a conspicuous notice. This is to avoid any violations of state or federal laws regarding recording. Also, the seller should remove any items of a personal nature that they do not want to be photographed or recorded or transmitted."

Real estate just got real! Whether I agree with the new NAR rules or not is irrelevant. What matters is that we now have clarity and can adjust our practices to continue providing top-quality service to our clients.

If you have any questions about the changes we've discussed, please reach out. And if you're looking to sell your property, I would love the opportunity to compete for your business.

Thank you for watching! Make sure to click the subscribe button for up-to-date real estate news, new trends, and to see our new listings coming to the market soon.

IF YOU WOULD LIKE A COPY OF THESE DOCUMENTS PLEASE REACH OUT AND I CAN EMAIL YOU A COPY.

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🤔 Thinking of Buying or Selling?
📱 Call or Text: 305-492-9705
📨 Email: [email protected]

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Gustavo Pacheco - Real Estate Agent | Florida Real Estate License: SL3187382
Brokered by EXP Realty

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#EXP_REALTY_LISTING_AGREEMENT #NAR_ANTITURST_SETTLEMENT #LISTING_AGENT #REAL_ESTATE_NEWS #NAR_SETTLEMENT #LISTING_AGENT_COMMISSION #NEW_RULES_IN_REAL_ESTATE #STRUGGLING_AGENT #SOUTH_FLORIDA_REAL_ESTATE

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