Key Changes:
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New Concession Fields (CiP):
- Added to the MLS on May 29.
- Concessions are now formally introduced at the listing level.
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Removal of Compensation Fields:
- Effective August 13, compensation fields will be removed from the MLS.
How It Works:
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Concessions:
- The seller may agree to pay the buyer for concessions, such as closing costs or loan points.
- These concessions must be included in the purchase agreement and negotiated between the buyer and seller.
- The buyer can allocate concession amounts to various costs, including reducing the purchase price, covering loan points, or paying for title and escrow fees.
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Buyer Representation Agreements:
- Starting in August, the fee for the Buyer’s Broker will be set in a mandatory buyer representation agreement before property tours.
- This ensures that the Buyer’s Broker’s fee is predetermined and not influenced by concessions.
Benefits:
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For Buyers:
- More flexibility in how to use concession amounts.
- Greater transparency in the costs associated with purchasing a property.
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For Sellers:
- Flexibility to offer concessions without specifying exact amounts.
- It helps buyers craft more tailored offers.
CRMLS Adjustment Period:
- As these new practices are implemented, there will be a period of adjustment.
- CRMLS is committed to transparency and efficiency as users adapt to these changes.
This new approach aims to provide more flexible options for buyers and sellers in real estate transactions.
Questions?
Chat with CRMLS Compliance Here
