The National Association of Realtors® settlement goes into effect Saturday, August 17, and I want to make sure you're informed and ready for how the changes may impact you and your borrowers.
Following are compensation best practices to keep in mind:
Always have conversation with buyer upfront clarifying options for buyer compensation to realtor.
Confirm with the lender if the buyer intends to pay for potential buyer’s agent compensation.
Always send commission agreement to lender.
Confirm that lender has received commission agreement.
If you are the selling agent, recommend that you confirm with the lender how the buyer is paying commission. (if applicable to contract)
If you have more questions, you can always contact us!
