Federal Issues
The NAR Settlement: How Does It Affect You?
July 5, 2024
After a lot of deliberation, you have decided it’s time to sell your home. Or, you’ve had your eye on the market and have decided that it’s the right time to buy. Either way, as you are doing your research, you keep running across articles about the National Association of REALTORS® (NAR) and a large legal settlement. Is this relevant to your situation? Will it somehow cost you money? Here are five things to know when buying or selling a home.
If you are a buyer and your agent is using an MLS, you will need to sign a written agreement with your agent before touring a home so you understand exactly what services will be provided, and for how much. In Georgia, this can be accomplished using the Georgia REALTORS® Buyer Brokerage Engagement Agreement or the Agreement to Work with Buyer as a Customer.
These agreements are required for both in-person and live virtual home tours.
You do not need a written agreement if you are just speaking to an agent at an open house or asking them about their services.
When finding an agent to work with, ask questions about their services, compensation and these written agreements.
Agent compensation for home buyers and sellers continues to be fully negotiable.
More details about these changes and what they mean can be found online at competition.realtor. Additionally, your REALTORS® can explain in depth to you how these industry changes will — and will not — affect your search for your dream home, or the sale of your current home.
SOURCE: National Association of REALTORS®, 2024
Georgia REALTORS®
About the ARA Market Brief
The Atlanta REALTORS® (ARA Market Brief is compiled by First Multiple Listing Service (FMLS) and provides the only regionally focused synopsis of monthly sales and home prices for single-family residential properties. The Market Brief covers the following 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding, and Rockdale.
The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Atlanta REALTORS® Association
The Atlanta REALTORS® Association (ARA) has been an instrumental factor in the growth of real estate in the state of Georgia for more than a century. With over 14,000 members, Atlanta is the largest association in Georgia and is considered to be one of the strongest and most successful REALTOR® organizations in the nation. ARA serves as a central source of information for its members, mainly focusing on real estate education, the promotion of professionalism in the industry, and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact join@fmls.com.