NAR Settlement Information
WHAT IS NAR
AND HOW DOES IT AFFECT TULSA REAL ESTATE?
The National Association of Realtors recently settled a real estate lawsuit that impacts how you buy a home in Tulsa. The NAR settlement provides new guidelines for real estate buyers and brokers everywhere, and understanding the NAR lawsuit benefits you. Watch our video above to hear Paul Wheeler explain the NAR ruling, and how it adds transparency to the next real estate commission you pay.
Paul Wheeler's Team at Accent Realtors has been Tulsa's trusted real estate brokerage for over thirty years. Since 1992, we have handled thousands of real estate transactions, turning the ups and downs of the Tulsa real estate market into a consistent, stress-free experience. We are ready to apply our expertise as NAR realtors to your home sale or home purchase.
If you want to buy a property or sell your house in Tulsa, but have questions about buyer's agreements or NAR association clarifications to the realtor commission, don't hesitate. Contact us today. We are experts in simplifying the real estate process.
Resources
Settlement means Realtors can focus on what's important: Serving People -- The Oklahoman- Litigation Frequently Asked Questions -- Oklahoma Association of Realtors
- Why Choose a Realtor®? -- Greater Tulsa Association of Realtors®
- Fostering Consumer-Friendly Real Estate Marketplaces -- National Association of Realtors
- 179 Ways Agents Who Are REALTORS Are Worth Every Penny of Their Compensation -- National Association of Realtors
- Settlement Timeline -- National Association of Realtors
- Financing FAQs -- National Association of Realtors
Changes to Commissions
- The NAR ruling has changed where listing agents can offer compensation to a buyer's broker. NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS.
- There will continue to be many ways in which buyer brokers could be compensated, including through offers of compensation communicated off MLS... but using the MLS to communicate offers of compensation would no longer be an option.
- The types of compensation available for buyer brokers would continue to take multiple forms, depending on broker-consumer negotiations, including but not limited to:
-- Fixed-fee commission paid directly by consumers
-- Portion of the listing brokers compensation
This change will go into effect in mid-July, 2024, pending appeal by NAR.
Changes to Agreements
- The settlement provides that MLS participants working with buyers must enter into written agreements with those buyers before touring a home.
- NAR has long encouraged its members to use written agreements because they help consumers understand exactly what services and value will be provided, and for how much.
This change will go into effect in mid-July, 2024, pending appeal by NAR.
Get Your Guide!
Submit the form at the top of the page and tick the box to request your guide to buying a home in Tulsa.