WHAT TO KNOW:
MLS Now Rules will be updated effective Aug. 12, 2024 with the new Mandates from NAR MLS Policy changes. The rules apply to all users (REALTOR® and non-realtor) and all property types. The MLS Now forms libraries will be updated with new versions of all documents. They will be noted with Version 1.0 / August 2024 .
Please check with your broker. Some brokers may choose to develop their own forms, or use forms from a local association or state.
NEW NAR POLICY STATEMENT 8.12
Required Consumer Disclosure
Disclosure of Compensation:
MLS Participants and Subscribers must:
1. Disclose to prospective sellers and buyers that broker compensation is not set by law and is fully negotiable. This must be included in conspicuous language as part of any listing agreement, buyer written agreement, and pre-closing disclosure documents (if any).
WHAT TO DO:
- Brokers - Review the agreements your company is using as soon as possible and update as needed with the required disclosure.
- Keep records of all signed documents. MLS Now does random audits and verifies listings in the MLS have properly signed listing agreements meeting all requirements.
- Stop using any copies (hard copy or electronic) of any outdated versions of MLS Now, Yes MLS, NORMLS, CRIS or NEOHREX forms on Aug. 12!
- Only use a form if noted as Version 1.0 / August 2024 after August 12th.
- 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.