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The offer of compensation fields from one broker to another will be removed from the MLS
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Blanket offers of cooperating compensation from one broker to another will not be allowed in any field on the MLS.
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Offers of cooperating compensation must be conveyed through another medium.
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Changes go into effect mid-July 2024
As part of the settlement, NAR has agreed to make substantive rule changes for cooperating compensation for transactions beginning in mid-July 2024. cooperating compensation is still permitted by Minnesota law, MLS, and NAR rules, how this compensation is communicated and secured will change. . Further, blanket offers of cooperating compensation from one broker to another will not be allowed in any field on the MLS.
Therefore, offers of cooperating compensation will need to be conveyed through another medium. There is still a potential for a “Seller Paid Concession” field to be displayed on the MLS, but it’s not required by the settlement agreement and would not be consider binding on parties to a transaction unless included in a subsequent written agreement between parties. Further, the seller would not be able to condition the “Seller Paid Concession” on the buyer based on whether they were being represented by another agent.
Also, the agreement requires Realtors® to enter into a written agreement with buyers before showing them any properties. Again, in Minnesota we have been requiring signed buyer representation agreements on residential transactions for 30 years, but the new rule will emphasize the timing of securing these agreements. This may require a change in how some brokers handle buyer representation along with changes to MNR contracts for facilitation and exclusive or non-exclusive representation.