{"id":848,"date":"2024-07-08T17:35:22","date_gmt":"2024-07-08T17:35:22","guid":{"rendered":"https:\/\/stacygrove.com\/blog\/?p=848"},"modified":"2024-07-08T17:35:40","modified_gmt":"2024-07-08T17:35:40","slug":"everything-home-sellers-in-tippecanoe-county-need-to-know-about-nar-changes","status":"publish","type":"post","link":"https:\/\/stacygrove.com\/blog\/everything-home-sellers-in-tippecanoe-county-need-to-know-about-nar-changes\/","title":{"rendered":"Everything Home Sellers in Tippecanoe County Need to Know About NAR Changes"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"NAR Lawsuits &amp; Settlement and New Indiana State Laws: For Sellers\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/uz7X6m52Ph8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Well, there was a new Indiana law that went into effect on July 1, 2024, that affects both buyers and sellers and tenants of residential and commercial real estate in Indiana.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This change largely impacts buyers and tenants and their buyer broker\u2019s requirement to have a signed Buyer\u2019s Exclusive Agency Contract.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In mid-August, we\u2019ll see further changes based on a settlement of a lawsuit with the National Association of Realtors (NAR).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">So, what\u2019s the big deal?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the terms of the agreement is that NAR agrees to prohibit offers of compensation on the MLS. Offers of compensation can be pursued off the MLS via compensation paid directly by consumers, a concession by the seller, or a portion of the listing broker\u2019s commission, but using the MLS to communicate offers of compensation is no longer an option.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Are buyers still going to ask sellers to pay the compensation for their buyer broker?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The buyer broker may negotiate the seller\u2019s payment of the buyer\u2019s closing costs, including a Buyer\u2019s Exclusive Agency Contract. However, it is important to note that the buyer must request payment of this contractual obligation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Can sellers still offer buyer brokers bonuses to bring buyers off the MLS?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, they can, but the buyer and buyer broker have a contract they must adhere to or amend to align it with the seller\u2019s offering.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Okay\u2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So, every buyer who comes through the door of a listing will have a contract that establishes their relationship with their buyer agent and how much that buyer agent will be compensated. The buyer chooses one agent to work on their behalf, much like a seller does with their listing agent. It also says that the buyer\u2019s agent will ask a seller to contribute to that compensation. (\u201cBroker shall use Broker\u2019s best effort to cause the Seller or Sell\u2019s agent to satisfy the Buyer\u2019s obligation to Broker.\u201d)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, there you have it! Nothing earth-shattering, but definitely new and different from the way we\u2019ve practiced real estate for decades.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, there was a new Indiana law that went into effect on July 1, 2024, that affects both buyers and sellers and tenants of residential and commercial real estate in Indiana. This change largely impacts buyers and tenants and their buyer broker\u2019s requirement to have a signed Buyer\u2019s Exclusive Agency Contract. In mid-August, we\u2019ll see [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-848","post","type-post","status-publish","format-standard","has-post-thumbnail","category-seller","entry"],"jetpack_featured_media_url":"https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2024\/07\/Everything-Home-Sellers-in-Tippecanoe-County-Need-to-Know-About-NAR-Changes.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/comments?post=848"}],"version-history":[{"count":1,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/848\/revisions"}],"predecessor-version":[{"id":851,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/848\/revisions\/851"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media\/850"}],"wp:attachment":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media?parent=848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/categories?post=848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/tags?post=848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}