Some important news about the recent NAR settlement and how it’s changing the way homes are listed, especially for homebuyers. The biggest change that’s super helpful for both buyers and sellers is the new section in the residential purchase agreements we use here in Las Vegas.

Here’s the deal: Whenever you make an offer on a home in Las Vegas, you’re almost always using the same residential purchase agreement that all realtors use. Now, because of the recent NAR settlement, there’s a new section at the top of page two. This section allows the buyer to ask the seller to contribute towards the buyer’s broker compensation. This is a big shift.

Moving forward, buyers will need a written agreement with a buyer's broker even before they go to look at just one home. This agreement will outline how much the buyer is committing to pay their agent. However, buyers can now ask the seller to chip in towards that cost in the purchase contract. This could really help offset the burden on buyers for their broker’s fees.

For sellers, this means you’ll need to decide how you want to handle these requests. When we get an offer that asks for a contribution towards the buyer’s broker’s compensation, you’ll need to let us know how to respond. You can say it’s negotiable, offer a specific amount, or choose not to offer anything (though that might put you at a competitive disadvantage). Whatever you decide, just know that this is one more item that will be negotiable in the contract, alongside repairs, concessions, and home warranties.

This change isn’t going to revolutionize the market, but it’s definitely something we need to be prepared for. If you have any questions about how this impacts you, feel free to reach out anytime. We're here to help and love hearing from you!

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