As of August 1st, 2024, significant changes are set to impact the real estate landscape in North Carolina, driven by the recent settlement involving the National Association of Realtors. Nolan Formalarie, owner and broker at Discover NC Homes, highlights two major adjustments that real estate professionals and clients need to be aware of:
1. Buyer Agency Agreement Signed Before Showing the Property: Traditionally, North Carolina required a buyer agency agreement to be signed at the time of a transaction. Moving forward, this agreement must now be signed before any showing—physical or virtual. This ensures clarity and commitment from both the buyer and the agent from the onset of their interaction.
2. Changes to MLS Compensation Disclosure: Another change involves the display of agency compensation within the Multiple Listing Service (MLS). Previously, MLS listings included the percentage of the commission. This practice will be discontinued, although the agreement does not restrict the ability of sellers to pay buyer agents or listing firms to pay buyer broker firms. The compensation details, while still operational, will no longer be publicly displayed on MLS.
Rest assured, despite the upcoming changes in MLS practices, Discover NC Homes will continue to honor and provide buyer agent commissions, ensuring a smooth and transparent process for all involved parties.
Navigating New Regulations with Discover NC Homes
Discover NC Homes, known for its seasoned team of brokers who are deeply rooted in their communities, is at the forefront of adapting to these changes. If you have any questions or need further clarification on how these changes might affect your real estate dealings, do not hesitate to reach out. Discover NC Homes is committed to providing expert guidance and support during this transitional period.
For any real estate inquiries or assistance, contact Discover NC Homes:
Website: www.DiscoverNChomes.com
Phone: 910.363.4387
Let Discover NC Homes help you navigate the evolving real estate landscape with confidence and expertise.
About Nolan Formalarie
Nolan Formalarie has been in the North Carolina Real Estate Industry for over 8 years and enjoys every minute of it. He is involved in every aspect of the industry including selling and purchasing residential property, home watch services, property management, association management and construction.
