{"id":6757,"date":"2024-08-30T11:53:39","date_gmt":"2024-08-30T15:53:39","guid":{"rendered":"https:\/\/www.luxuryhomemagazine.com\/thepalmbeaches\/blog\/?p=6757"},"modified":"2024-09-13T10:27:36","modified_gmt":"2024-09-13T14:27:36","slug":"the-nar-settlement-agreement-and-how-it-affects-florida-homeowners","status":"publish","type":"post","link":"https:\/\/www.luxuryhomemagazine.com\/thepalmbeaches\/blog\/2024\/08\/30\/the-nar-settlement-agreement-and-how-it-affects-florida-homeowners\/","title":{"rendered":"The NAR Settlement Agreement and How It Affects Florida Homeowners"},"content":{"rendered":"

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column width=”2\/3″][vc_single_image image=”6758″ img_size=”full” qode_css_animation=””][vc_empty_space height=”30″][vc_column_text css=”.vc_custom_1723987690396{margin-bottom: 30px !important;}”]As this issue of Luxury Home Magazine is being published and distributed, changes are being implemented in the real estate industry affecting the relationship between Realtors\u2122 and Buyers of real property. National headlines have made many predictions, but headlines are designed to attract attention, not report details, and details matter.<\/p>\n

On March 15, 2024, the National Association of Realtors\u2122, a voluntary trade organization, announced a proposed settlement agreement to end litigation of claims related to broker commissions. Although the agreement is not scheduled for finalization until November, 2024, it includes 2 important stipulations:<\/p>\n

1.\tOffers of cooperating compensation, if any, may not appear on any Realtor\u2122-owned MLS system.
\n2.\tRealtors\u2122 representing Buyers (Consumers) must have a written Buyer Broker Agreement.<\/p>\n

Although the first stipulation will require technical modifications to systems that Realtors\u2122 use for sharing information, it does not change the fact that commissions are, and have always been, negotiable. The second stipulation will be much more visible to the public. Florida Statutes, Chapter 475, which contains the laws governing Florida real estate licensees, does not require the use of these agreements, so it will not be a uniform practice. Only members of the National Association of Realtors\u2122 are required to employ this practice, and only for residential purchases\u2014commercial transactions and rentals are not included. A Buyer Broker Agreement may establish a relationship of single agency representation, transactional agency representation, or non-representation between a Buyer and a Broker. These agreements will address the parties\u2019 duties to each other and will clearly identify professional service fees.<\/p>\n

Although Florida Statutes do not require this practice, which means they have not been widely used here, many other states do currently require this practice. Florida\u2019s population continues to increase due to relocations from other states, so we anticipate that some Buyers will be very familiar with this practice. As with all best practices of a business, transparency is an important factor in trust, and a better-educated client can make better-educated decisions.<\/p>\n

The crafting of an offer to purchase real estate is based upon many factors: property location, property condition, current real estate market conditions, current financial market conditions, current social conditions, and as always, seasonal climates and lifestyle options, among others. Whether a buyer is a first-time homebuyer, or a seasoned homebuyer, consumers want up-to-date information, from trusted sources, with recommendations made by experienced professionals. Transparency in our relationships makes a lot of sense.<\/p>\n

This is not the first time significant changes have been made in the practice of real estate sales, and it will not be the last. Although the many beautiful residences highlighted in Luxury Home Magazine feature their luxurious amenities, we are reminded that they are, indeed, homes. Homes house our families, provide safety and security, are where life-long memories are made. Is the addition of a document formalizing a relationship going to change the volume of real estate sales? No, it is not. People buy homes for the aforementioned reasons. Should a Buyer seek clarification about the process of purchasing property and the relationship they will have with a real estate professional? Yes, they should.<\/p>\n

[\/vc_column_text][vc_separator type=”normal”][vc_single_image image=”6984″ img_size=”728×90″ alignment=”center” onclick=”custom_link” img_link_target=”_blank” qode_css_animation=”” link=”https:\/\/oceanpoolsfl.com\/”][vc_separator type=”normal”][vc_empty_space height=”30″][vc_row_inner row_type=”row” type=”full_width” text_align=”left” css_animation=””][vc_column_inner width=”1\/2″][vc_single_image image=”6759″ img_size=”medium” qode_css_animation=””][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_column_text]Nancy Cardone<\/strong><\/p>\n

Nancy Cardone is the Regional Vice President, South Florida for William Raveis, ranked Top Luxury Brokerage awarded by Leading Real Estate Companies of the World and the #1 Real Estate Company in the US by Inman in 2023. Nancy has been a Florida licensee for over 30 years. She is a past Director of the National Association of Realtors and a current Director of the Florida Realtor Association, has served as Chairman of eleven Florida Realtor Association committees, and one National Association of Realtors committee. Nancy was also the President of the JTHS Association of Realtors in 2001 and Chairman of the Board of the JTJB Chamber of Commerce in 2005-2006.<\/p>\n

As a prominent member of the real estate community, Nancy has been asked to bring her expertise to community boards, task forces and committees including Palm Beach County\u2019s Zoning Board of Adjustments, Palm Beach County\u2019s Commercial Needs Assessment Task Force, and Palm Beach County School District\u2019s Area Boundary Committee.<\/p>\n

Nancy is also a Parliamentarian and a Guardian Ad Litem, has three adult children and two adorable grandsons.
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Visit Luxury Home Magazine of The Palm Beaches<\/a> for more Market Reports<\/p>\n

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