We understand that a lot of information and changes have been given for what is to come in the next several months. We wanted to compile all of these important dates into one convenient place. Please see below for key dates.
Mid-June – NEW FLORIDA REALTORS FORMS AVAILABLEThe following Florida Realtors Forms have been updated and released for use:
- Broker to Broker Compensation Agreement
- Seller to Buyer’s Broker Compensation Agreement
- Modification to Compensation Agreement (the two listed above)
June-August Updated Schedule – NEW FLORIDA REALTORS FORMS AVAILABLE Florida Realtor Forms will be updated with the required terms per the NAR settlement. For details on the updated release schedule, CLICK HERE.
June 30 – reaMLS & NEFAR FORMS/CONTRACTS RETIRED NEFAR and realMLS will no longer offer nor support any forms/contracts currently offered except for the Lockbox Addendum, the Coming Soon form, and the Waiver of Entry into the MLS form. After June 30th you will need to use the Florida Realtors forms moving forward. For a forms look-up tool and Q & A on this forms transition, CLICK HERE.
July 10 – DATA SHARE LIVE Coast to Coast MLS Data Share scheduled to GO LIVE with all original participating MLSs. To learn more about this data share, CLICK HERE.
Mid July – realMLS DATA INTEGRITY POLICY UPDATED realMLS will update their Data Integrity Policy to enforce the practice changes. Compliance policies will be added for: 1) Sharing compensation anywhere in the MLS including bonus offers. 2) Not having a written agreement with a buyer prior to touring a home (in-person or virtually). *See August 17 below for practice change details. CLICK HERE for the updated Data Integrity Policy.
August 15 (NOTE NEW DATE) – COMPENSATION FIELDS REMOVED ONLY those fields that are related to compensation (the 3 compensation types fields and 3 compensation amounts fields, and Dual Variable Compensation) will automatically be removed from ALL listings. No action by agents/offices required.
*August 17- COMPENSATION IN MLS PROHIBITED Any mention of compensation in the listings on the MLS system will be considered in violation of realMLS Rules and Regulations being adopted due to the settlement. This includes any field including mentions of compensation or bonuses in the remarks fields (Public or Private). For settlement details, GO HERE. See NOTE below.
*August 17 – BUYER WRITTEN AGREEMENTS REQUIRED Requirement of agents “working with” a buyer being required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours. For mandatory provisions of the written agreement, GO HERE.
NOTE: The prohibition of cooperative compensation in the MLS could create a need for written agreements between cooperating brokers if an offer of cooperative compensation is being made. Historically, cooperative offers of compensation were made ON the MLS. A written agreement will be necessary to substantiate any broker to broker offer of cooperative compensation being made OFF of the MLS.