In 2023, the National Association of Realtors (NAR) settlement introduced new rules to make real estate transactions more transparent. This includes clear disclosure of commissions and the elimination of mandatory commission splits.
Increased Transparency: Agents must clearly disclose commission rates, so you know what to expect upfront.
No Mandatory Commission Splits: Sellers are no longer required to offer a commission to the buyer’s agent unless they choose to.
Enhanced Disclosure: Agents must provide detailed information about their services and fees.
Buyers: You’ll see clearer commission details and can negotiate better terms.
Ask Questions: Always request a detailed breakdown of commissions and fees from your agent.
Review Agreements: Ensure all commission details are clear in your agreements.
