As part of NAR's recent settlement agreement, new rules governing offers of compensation and written buyer agreements went into effect on August 17, 2024. 

Here's what to know about the new rules, including the impact on rural homes and land transactions. For more information on NAR's agreement and the rule changes, please read the Settlement FAQs.

1. Offers of Compensation: NAR has "agreed to put in place a new rule prohibiting offers of compensation on an MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals." Please consult your local MLS for specifics on how to handle offers of compensation.
    
2. Written Buyer Agreements*: These agreements are only required of members and MLS Participants “working with buyers” prior to “touring a home.” A “home” means a property with 1 – 4 residential dwelling units on it. Therefore, the written buyer agreement requirement would only apply if the land parcel in question has a home on it. If there is a home on it, a written buyer agreement is required. If no home is on the property and it is pure land, no written agreement is required, unless otherwise required by state law.

Please see Settlement FAQs 61 and 62 for more information on written buyer agreements for land parcels with residential dwellings.

*These rules apply unless required otherwise by state laws.