Real Eatate Industry Changes

As most people have heard, the #realestate industry has been forced to make a few changes. The changes that have resulted from the National Association of Realtors settlement of a class action lawsuit are as follows:

1. Buyers of real estate must enter into a written buyer-broker agreement (when an agent is involved) BEFORE they look at a house. The agreement shall disclose the broker’s commission amount and the arrangement for its payment, among other things.

2. Any cooperating commission offers of compensation agreed to by the listing broker and the seller shall NOT be disclosed in the MLS.

Those are the main 2 changes. The policies take effect within the Greater Louisville Association of Realtors on August 13,2024.