The Florida Realtors released four new Buyer Representation forms for brokerages to review in anticipation of the Multiple Listing Service changes regarding commissions as a result of the recent National Association of Realtors Lawsuit Settlement. The new Buyer Representation forms, which are essentially two new forms and two forms for modifying the other two new forms, are entitled as Compensation Agreement(s) where the seller or the seller’s broker agrees to compensate the buyer’s broker for procuring a buyer for a listed property.
The Agreement (s) will take effect when all parties have executed the full Agreement and contain an option to offer a flat fee compensation or a percentage of the gross purchase price. One key aspect to the Agreement (s) worth noting: the Agreements are not to be used to share offers of compensation to Buyer brokers or other buyer representatives via any field in the Multiple Listing Service. Therefore, please do not upload only the seller-executed Agreement (s) into MLS under the attached files field to distribute information on how much compensation the Seller is offering the Buyer’s broker.
Further information was disseminated by the Florida Realtors regarding other forms, including an amended Buyer Broker Agreement, Amended Showing Agreement, Amended Retainer Agreement, and respected modifications of those forms. We can expect updates on the aforementioned forms in July as we gear up for the August 17th changes to the Multiple Listing Service regarding commissions.
If you have any questions regarding the new forms or further questions regarding the NAR Settlement compliance actions taken by the Florida Realtors, please do not hesitate to reach out to your trusted local real estate attorney.
