One of the biggest changes to how people buy and sell their homes is taking effect this weekend. That’s when the National Association of REALTORS has told all of its members to start using the settlement terms in the federal court case accusing most real estate brokerages of violating the Sherman Anti-trust Act.
Multiple changes must be implemented by real estate brokers, almost all dealing with compensation and transparency in the compensation of brokers.
The biggest change is in how buyers are compensated, and it is something that anyone looking for a house needs to know.
If a home is closed after August 17, the buyer must pay their agent directly with out-of-pocket costs, eliminating how the buyer and the seller were paid during the closing of the home.
The Orlando Law Group has been following this issue since the beginning with detailed articles found here and here.
While having a personal agent work with you on finding your dream home can be very beneficial, with this ruling, utilizing the services of a proven residential real estate attorney can be a way to offset the costs of buying a home.
The attorneys at The Orlando Law Group understand this type of transaction as we are also licensed real estate agents. We work with local real estate agents and their teams on a wide range of services, including contracts and closings, but also with individuals who need assistance and are here for you.
What is changing?
The good news is that real estate brokers have had plenty of time to adjust. In May, the National Association of REALTORS announced the changes that needed to be made by brokers.
As reported by REALTOR magazine, here’s what needed to be changed:
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The Orlando Law Group
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Jennifer Englert Schmitt President
- August 13, 2024
- (407) 512-4394
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