New rule changes in the wake of the NAR anti-trust settlement: Part 1 of 2
As promised last time here is a two part breakdown of the pending and ongoing $418 million settlement by the National Association of Realtors following class action anti-trust lawsuits that goes into effect on this day, Aug 14th 2024 with some additional changes plus my take… Essentially these changes include the requirement to use written buyer agreements for all buyers and the removal of commission fields in the MLS, the digital search and data tool that we realtors use to buy and sell properties on behalf of our clients. There are approximately 800 MLS’s throughout the country and while there is national oversight each state has its own contract and way of doing business. However, all realtors, no matter the state, are beholden to a code of ethics re standards of practice, the essence of which is tied to the acronym OLDCAR which outlines the duties and responsibilities we owe our clients: Obedience (within the law), loyalty, disclosure, confidentiality, accountability, and reasonab...