NAR Shares Consumer Guide for Practice Changes

NAR created a consumer-focused resource guide in advance of the Aug. 17 settlement to help buyers and sellers navigate the practice changes.

CHICAGO – The National Association of Realtors® published new resources to help guide consumers on the impact of the March 15th settlement agreement and support both Realtors® and consumers as they navigate the changes required by the agreement.

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"Prior to and throughout the settlement litigation, NAR has remained committed to protecting consumer choice and transparency, and to making homeownership accessible for all Americans," said Nykia Wright, Interim CEO of NAR. "With these new resources, Realtors are even better equipped to inform and empower consumers and continue to demonstrate the value they bring to real estate transactions."

The new resources are all available on facts.realtor, NAR's centralized website for information on the settlement, and include:

Fact sheets on what the practice changes mean for homebuyers and home sellers. These resources – one for sellers and one for buyers – outline what buyers and sellers should expect after Aug. 17 and the value Realtors provide to consumers in these transactions.

A broker's guide to upcoming practice changes. These slides provide an overview of the settlement, information on corresponding practice changes and implementation, and guidance on how to help consumers understand what these changes mean for them and their homebuying or selling transactions.

A template compensation disclosure for active listing or buyer agreements as of Aug. 17. The template disclosure can be used for active agreements as of Aug. 17 that will need to be amended or supplemented with a separate disclosure to conspicuously note that compensation is not set by law and is fully negotiable. For more information on requirements for amending active listing or buyer agreements, please see the following FAQs #52, #53, #71 and #72.

For more information on the settlement and what it means for members and consumers, please visit facts.realtor.