Quote:
Originally Posted by Snakster66
Since the new rule removes the requirement to pay anything to a buyer agent (as a seller), then you should be all for it. Not really sure what your beef is.
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The new rule does not remove the requirement to pay a buyer agent. That's misrepresenting/over simplifying the new rules.
The new rule requires that the buyer's agent have a written legal agreement, and have it visible at transaction to settle the commission at closing.
The new rule requires that the selling agent's commission and any buyer's agent commission be stated in the selling agent's agreement for settlement at close.
The new rule prohibits buyer/seller agent agreements to be hidden on the MLS site and not visible to neither the seller nor the buyer at closing. The new agreement also prohibits the publishing of commissions available by the seller to eliminate the buyer's agent from steering buyers to higher commission sellers for the buyer's agent commission interest.
The goal of the new rule is to eliminate the inherent conflicts of interest of the current MLS practices, and to put all compensation rules into legal documents for transparency and payment at settlement, for the benefits of the consumer (the buyers and sellers)