Please see below for information related to the MLS Practice Changes that are mandated by the NAR settlement agreement, and how these changes impact buyers, sellers, and REALTORS.
Practice Change Resources
- FAQs and Fact Sheets
- 2024 Contract Changes and Broker Compensation
- Contracts and Forms
- Buyer Agreements
Fact Sheets for Consumers and REALTORS®
NEW: Consumer Guide – Seller Concessions
As a home seller, you have choices when deciding how to market your property, including whether you’d like to offer concessions to attract buyers or close a deal. Here’s what you need to know as you consider whether this approach is right for you:
NEW: Consumer Guide -Why am I being asked to sign a written buyer agreement?
If you’re a homebuyer working with an agent who is a REALTOR®, it means you are working with a professional ethically obligated to work in your best interest. As of August 17, 2024, you will be asked to sign a written buyer agreement after you’ve chosen the professional you want to work with. Here’s what you should know about these agreements:
NEW: Consumer Guide – Open Houses and Written Agreements
As of August 17, 2024, many real estate professionals nationwide will be asking buyers to enter into a written agreement prior to touring a home. But what if you are just attending an open house? Here’s what you should know:
NEW: Consumer Guide – What Veterans Need to Know About Buying a Home
Veterans and active service members often have unique needs when looking for a home, and agents who are REALTORS® are committed to helping ensure those needs continue to be met following the real estate practice changes that went into effect on August 17, 2024. Here is what you need to know:
NEW: Consumer Guide – REALTORS Duty to Put Client Interests Above Their Own
A REALTOR® is a special kind of real estate agent: one who follows NAR’s strict Code of Ethics, including the first and primary pledge to protect and promote the interests of their clients. This obligation means that a REALTOR® cannot make decisions or provide representation in a way that puts their own interests or commissions ahead of their clients’ interests:
NEW: Consumer Guide – Offers of Compensation
As a home seller, you have a wide range of choices when deciding how to market your property. This includes whether you’d like to offer—or authorize your agent to offer—compensation to a buyer’s agent as a way to attract potential buyers. Here’s what you need to know as you consider your options related to offering compensation:
NEW: Consumer Guide – Negotiating Written Buyer Agreements
You’ve decided it’s time to buy a home and want to work with an agent to guide you through the process. The next step is to interview agents and negotiate a written agreement that includes the services the agent will provide and the compensation they will receive. Here’s what you need to know about negotiating an agreement with an agent who is a REALTOR:
A Broker’s Guide to Upcoming Practice Changes
These slides provide an overview of the settlement, information on corresponding practice changes and implementation, and guidance on how to help consumers understand what these changes mean for them and their homebuying or selling transactions.
Summary of MLS Policy Changes
MLS policies and model MLS governing documents have been reviewed and updated. Download details of all the changes.
NAR Settlement FAQs
Answers about NAR’s settlement, including key terms, who is covered, practice changes, financing, and NAR operations, in English and Spanish..
What the Settlement Means for Buyers and Sellers
Common consumer questions about NAR’s settlement and how it may impact the real estate transaction.
2024 Contract Changes and Broker Compensation
A variety of new Commission-approved forms were implemented on August 1, 2024. Many of the form changes are related to the mandatory MLS Practice Changes that are mandated by the NAR settlement agreement and the removal of the Offer of Compensation from the MLS.
Webinar Recording – Contract and Practice Changes Frequently Asked Questions
Watch this recording of a special update and Q&A webinar on the 2024 contract and practice changes with CAR General Counsel Scott Peterson and real estate attorney Damian Cox. Topics cover the most frequently asked questions and most commonly confused issues related to recent practice changes and Colorado contract changes.
Contract Changes Part 1 – Webinar Recording
CAR General Counsel Scott Peterson reviews all the form changes related to the settlement and the historic MLS Practice Changes set to occur no later than August 17, 2024.
In this edition of CAR Legal Bites, CAR General Counsel Scott Peterson has information for MLS participants whose practice changes are being implemented before the August 15th release of the new forms.
In Version 2, CAR General Counsel Scott Peterson will be reviewing ALL THE OTHER CONTRACT CHANGES that will be mandatory beginning August 15, 2024 in Colorado for REALTORS®, and included in the NEW Colorado Real Estate Commission’s Contract to Buy and Sell – Residential..
Commission Approved Contracts and Forms
The Colorado Real Estate Commission has made available UPDATED, approved contracts and forms for use after August 15, 2024 provided in “redlined” and “clean” formats for educational purposes. Forms include exclusive right to buy, exclusive right to sell, contracts to buy and sell real estate, and more.
CBA’s Brokerage Firm Compensation Agreement Form
CAR has worked with the Colorado Bar Association to produce this brokerage firm compensation agreement form available for download on CBA’s website.
Template Compensation Disclosure for Active Listing or Buyer Agreements as of Aug. 17.
This template disclosure from NAR can be used for active agreements as of Aug. 17 that will need to be amended or supplemented with a separate disclosure to conspicuously note that compensation is not set by law and is fully negotiable. For more information on requirements for amending active listing or buyer agreements, please see FAQs #52, #53, #71, and #72.
Written Buyer Agreements
NEW: Consumer Guide -Why am I being asked to sign a written buyer agreement?
If you’re a homebuyer working with an agent who is a REALTOR®, it means you are working with a professional ethically obligated to work in your best interest. As of August 17, 2024, you will be asked to sign a written buyer agreement after you’ve chosen the professional you want to work with. Here’s what you should know about these agreements:
NEW: Consumer Guide – Negotiating Written Buyer Agreements
You’ve decided it’s time to buy a home and want to work with an agent to guide you through the process. The next step is to interview agents and negotiate a written agreement that includes the services the agent will provide and the compensation they will receive. Here’s what you need to know about negotiating an agreement with an agent who is a REALTOR:
Beginning August 17, 2024, an MLS Participant “working with” a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in person and live virtual tours. This NAR resource provides information about what provisions must be included in the written agreement pursuant to the NAR settlement as well as other provisions that, while not required by the settlement, MLS Participants may consider addressing with their clients.