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Reason for Removal:
- NAR settled the Sitzer/Burnett case regarding MLS commissions.
- Compliance with the settlement requires MLS systems to remove all Compensation fields.
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Impact on Active Listings:
- Compensation fields for Coming Soon, Active, Hold, and Withdrawn listings will be removed.
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Historical Listings:
- Compensation fields for Active Under Contract, Pending, Closed, Expired, and Cancelled listings will remain but cannot be edited.
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C.A.R. Forms:
- Release of updated forms postponed. Updates will be provided.
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Payment Methods Post-Removal:
- Buyer's Broker compensation can be included in the buyer's offer.
- Payment details can be included in the Escrow Instructions if using the C.A.R. Residential Purchase Agreement.
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CRMLS Rules & Policy Changes:
- Rule 7.15: Renamed to No Offers of Compensation in the MLS.
- Rule 7.19: Renamed to No Disclosure of Listing Broker Total Commission.
- Rule 9.1: Renamed to Showings.
- A signed Buyer Broker Agreement is required before showing a property.
- View all changes here.
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Reporting Seller Concessions at Close:
- New required fields: Closing Costs, Property Improvements, Financing Costs, Buyer Broker Fee, Other, and Total Calculated.
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Difference Between Concessions and Compensation:
- Concessions allow buyers to choose how money is spent, supporting a consumer-centric model. Watch the Concessions vs. Compensation video for more information.
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Staying Updated:
- Visit the CRMLS Resource Center frequently for updates and information.