NAR Updates

Recent National Association of Realtors (NAR) updates clarify how buyer representation, compensation, and required disclosures are handled in real estate transactions. The goal is increased transparency so consumers better understand who represents them and how services are structured. For clients working with Keller Williams agents, these updates are implemented through clear disclosures, written buyer-agency agreements when required, and consistent consumer notices.

Quick, Practical Summary

Recent National Association of Realtors® (NAR) settlement updates are designed to increase transparency around buyer representation and agent compensation. Here’s what matters most for buyers and sellers: Written buyer agreements are now required before touring a home (in person or live virtual) when an agent uses the MLS. Agent compensation must be clearly disclosed upfront and agreed to in writing. All fees are fully negotiable and not set by law. Offers of compensation are no longer shown on the MLS, but sellers may still offer concessions outside the MLS (such as closing cost assistance). These changes take effect August 17, 2024 and apply nationwide. Keller Williams agents follow these national guidelines while continuing to advocate fully for buyers and sellers, helping clients understand their options and move forward with confidence.