SFAR has been hard at work preparing for the upcoming deadlines resulting from NAR’s settlement. Please know that we are here for you and working on your behalf to make the transition as easy and transparent as possible. Our goal is to keep members informed of the upcoming changes and requirements so you can stay on the right side of the law.
With that in mind, we’d like to share some important dates that you need to be aware of and answer some of your most-asked questions.
** IMPORTANT DATES RELATING TO MLS RULE CHANGES **
- New MLS rules to be published – July 22, 2024
- SFAR implementation of the new rules – August 12, 2024
- NAR deadline for enforcing settlement rules nationwide – September 16, 2024
SFAR will be hosting a number of webinars following the publication of the new rules, including a New MLS Rules: Listen and Learn session on July 24, which will walk members through each of the rule changes. This session will be recorded and posted for future viewing. SFAR will also host two New MLS Rules Interactive Trainings, one on Friday, July 26 and one on Monday, July 29, where members can ask specific questions. Additional information and descriptions of these webinars can be found below.
What About Changes to SFAR Forms?
SFAR has very few forms that mention compensation directly. The bottom of the Purchase Contract is one such location. SFAR is adjusting its forms to be compliant with the NAR Settlement by removing reference to compensation in the MLS and adding more disclosures about compensation being negotiable. These changes will be very minimal and will not have big practice changes like the new and revised CAR forms. The revised SFAR forms will be released in August and we will be sending out announcements highlighting the changes before they occur.
What About Changes to C.A.R. Forms?
C.A.R. published its new forms on their website on July 10, 2024 and the new forms will be released on SFAR agents’ forms platforms on July 24, 2024.
** Please note that there are significant changes to the Listing Agreement, Buyer Broker Agreement and new MLS Disclosures.
For more information on C.A.R.’s forms updates and any trainings on these forms, please visit the C.A.R. website.
Where Can I Get Additional Information?
For the most up-to-date settlement information and FAQs, please log into the MLS and click on the NAR Settlement Information banner at the top of the page.
The most up-to-date schedule of education and trainings from SFAR on the new rules, forms and compliance can be found on SFAR’s events page.
Brokers, if you’d like to schedule the SFAR MLS team to come to your office to provide a training and answer questions, please CLICK HERE to request and in-office or Zoom training.
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