GBREB Forms Revised to Comply With NAR Settlement Terms
New requirements mandated under the NAR antitrust settlement agreement take effect this month and with MLS PIN also having announced recent rule changes, we’re making revisions to the GBREB Forms Library to help you to effectively conduct business in the new landscape. As of August 17, in order to meet the terms of the NAR settlement, REALTORS® and their sellers are prohibited from making offers of compensation in an MLS to buyer brokers or other buyer representatives. Additionally, agents and brokers participating in an MLS who are working with a buyer must enter into a written agreement with the buyer prior to touring a home.
Meanwhile, MLS PIN has opted to allow offers of compensation made by sellers, but with the stipulation that listing agreements must disclose that the seller is neither required to offer compensation nor required to accede to any cooperating broker’s compensation request. Further, if a seller elects to offer compensation, the listing agreement must also indicate the cooperating broker will be an intended third-party beneficiary of the agreement with the right to enforce the same.
To address these new policies, we’ve updated the GBREB Exclusive Agency, Exclusive Right to Sell, and Buyer Representation Agreements, as well as the standard form Purchase and Sale Agreements to enable you to meet the NAR settlement requirements. The Offer to Purchase form also has been updated with a clause to allow buyers to request sellers to pay a buyer’s broker commission.
You may access sample copies of the
newly-revised forms here.
For a summary of the changes to the GBREB Standard Forms, as well as key NAR settlement terms, please review the
presentation slides from the GBAR Broker Forum held on August 6.
Addtionaly, here is a list of comprehensive
FAQs on practice changes required by the NAR antitrust settlement agreement and other resources are available at
facts.realtor.
GBAR Conversations- Changes In The Industry
Changes to real estate business practices are coming, and we’re making revisions in the GBREB Forms Library to allow you to meet the terms of NAR’s settlement agreement as required by August 17, 2024. Specifically, we’ve updated our Exclusive Agency, Exclusive Right to Sell, and Buyer Representation Agreements, as well as the standard form Purchase and Sale Agreements. The Offer to Purchase form also has been updated with a clause to allow buyers to request sellers to pay a buyer’s broker commission.
In this latest episode of GBAR Conversations, Presdient Jared WIlk sits down with GBAR Legal Counsel & Director of Risk Management William G. Mullen III, Esq., to discuss these Changes In The Industry.
Click here to watch!
GBAR Broker-Owner Forum (Recorded August 6, 2024)
Click here to watch!
GBAR Legal Live (Recorded August 13, 2024)
With real estate business practice about to change, we held this GBAR Legal Live Webinar to discuss recent revisions made to the GBREB standard forms to allow you to meet the terms of NAR’s settlement agreement as required as of August 17, 2024. At this session, GBAR Counsel & Director of Risk Management William G. Mullen, III, Esq., reviewed the latest changes to the GBREB Forms Library and explained how several of the forms have been updated to meet the needs of clients and each transactional situation.
Specifically, he addressed our newly-modified Exclusive Agency, Exclusive Right to Sell, and Buyer Representation Agreements to provide cooperative compensation as permitted by MLS PIN rules. In addition, he spoke about the updated Offer form which allows buyers to request sellers to pay a buyer’s broker commission.
Click here to watch!
Justifying Your Value & Commission
In nearly any market agents and brokers can be asked to justify their commission, but that may be especially true in high-interest rate environments where every dollar matters. The association offers many resources to help REALTORS® explain their services and justify their value.
At competition.realtor, you’ll find a comprehensive overview of the 179 Ways Agents Who Are REALTOR® Are Worth Every Penny of Their Compensation to build your list of services.
There are also separate Infographics that illustrate:
Additional Resources
Resources