Please see below for information related to the MLS Practice Changes that are mandated by the NAR settlement agreement.
Practice Change Resources
- 2024 Contract Changes and Broker Compensation
- Contracts and Forms
- Buyer Agreements
- FAQs and Fact Sheets
2024 Contract Changes and Broker Compensation
A variety of new Commission-approved forms are coming early this year (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.
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
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.
Practice Change and Settlement FAQs
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.