Buying A House Heres What You Can And Cant Do Under New Nar Rules

The National Association of Realtors is Abandoning Longstanding Rules

What Buyers Can and Cannot Do Under the New Rules

The National Association of Realtors (NAR) is abandoning longstanding rules that govern the home-sales commission. The changes, which take effect on May 1, 2023, are designed to give buyers more flexibility and choice when it comes to working with real estate agents.

What Buyers Can Do

Under the new rules, buyers can now:

• Negotiate their commission with their agent.
• Choose to work with an agent who does not charge a commission.
• Enter into a written agreement with their agent before touring homes.

What Buyers Cannot Do

Buyers cannot:

• Be charged a commission by an agent who does not represent them.
• Be required to work with an agent who charges a commission.

Conclusion

The new rules from the NAR are a significant change to the way that home sales are conducted. Buyers now have more flexibility and choice when it comes to working with real estate agents. These changes are likely to have a positive impact on the home-buying process, making it more efficient and affordable for buyers.