WHAT TO KNOW:

MLS Now Rules will be updated effective Aug. 12, 2024 with the new Mandates from NAR MLS Policy changes which require a written Buyer Representative Agreement BEFORE touring a property. This applies to all MLS Now members both REALTOR® and non-realtor.  The MLS Now forms libraries will be updated with an option to use as a template for the written Buyer Rep Agreement soon. 

Please check with your broker.  Some brokers may choose to develop their own forms, or use forms from a local association or state.  Ohio REALTORS® has made several versions for the broker members to select from - https://www.ohiorealtors.org/brokers-legal-toolkit/

Just be sure the version selected meets all four requirements shown below.  

NEW NAR POLICY STATEMENT 8.13
Written Buyer Agreements Required
Unless inconsistent with state or federal law or regulation, all MLS Participants working with a buyer must enter into a written agreement with the buyer prior to touring a home.
The written agreement must include:
a. a specific and conspicuous disclosure of the amount or rate of compensation the Participant will receive or how this amount will be determined, to the extent that the Participant will receive compensation from any source.
b. the amount of compensation in a manner that is objectively ascertainable and not open-ended.
c. a term that prohibits the Participant from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and
d. a conspicuous statement that broker fees and commissions are not set by law and are fully negotiable.

WHAT TO DO:

  • Brokers - Review the agreements your company is using as soon as possible and select the preferred buyer agreement for your agents. 
  • Agents - Begin using the selected buyer agreement on or before August 12, 2024.  
    • Please note the Ohio form "Buyer Broker Compensation Agreement" is NOT the form that is required before touring a property.  That instead is a form that will relate to the purchase agreement detailing the buyer brokerage compensation amounts that will be paid by seller, listing broker and/or buyer.
  • Keep records of all signed documents.  MLS Now does random audits and will verify the Buyer Representation Agreement is signed and meets all requirements.
  • Follow rules & guidelines for each MLS you use.  They may have different effective dates

WHO TO CONTACT:

If you have questions, email Help@MLSNow.com or call 216-485-4100 x 1480.

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