The National Association of Realtors (NAR) updated when the policy changes of its Sitzer/Burnett settlement agreement will go into effect.
Originally slated for July, the policies will now go into effect on Aug. 17. These changes will prevent listing brokers from offering commissions to buyer’s agents on a multiple listing service (MLS) and will require agents working with buyers to obtain written agreements prior to taking them on a property tour.
“Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals,” said the organization in a newly published webpage that includes 95 questions relating to the settlement. “And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs).”
NAR also reported the final court approval hearing on the settlement is scheduled to take place on Nov. 26.
