Changes for buyer's agent commission and effective date in the MLS

Next week on August.17th the new rules for real estate throughout the nation go into effect. Here is a bullet point list of the important changes.

*Real estate agents (Realtors) cannot show homes to buyers without a written buyer’s agreement. This doesn’t include an open house.

*The buyer’s agent commission will not be stated or disclosed in the Multiple Listing Agent (MLS).

*The buyer’s agent commission must be agreed upon in purchase agreement with the seller. or if the buyer wants to paid their agents commission then it will be listed in buyers agent commission.

*All current listing and buyer’s agreements will need to be amended by August 17th.

Call me for more information about these new rules and regulations.

Look for more articles in the future on the state of Minnesota Real Estate. Let Jeff’s over 30 years of real estate experience make the difference for you!