By Cindy Cunningham, 2024 KCRAR President
Deep breath . . . We did it! We survived the first week of new practices and forms required by the recent NAR lawsuit settlement. First, if you have no idea what I’m talking about, stop reading and run to your broker’s office.
New forms were released earlier this week. Additionally, earlier this month, two amendments were released for any listing agreement or buyer agreement that was in effect before Aug. 14. If you have a listing that is not currently under contract, you’ll need to make sure you have your seller sign the amendment. Same goes with any buyer you have a written agreement with that is not under contract; they will need to sign the applicable amendment.
We are probably all tired of hearing about the lawsuit, the changes, and the practical implementation. Am I allowed to say that I am, as well? There will be plenty of training on new forms, whether it be KCRAR forms or your brokerage forms. And, of course, there may be some tweaking along the way. New KCRAR forms always debut the first of the year and, if applicable, your brokerage new forms usually follow.
This next week is a critical period for refining and optimizing new procedures. Just as I mentioned forms may need tweaking, there may be other things that are not currently set in stone. Be careful what you put into the remarks field in MLS. Trying to be “creative” may earn you a fine or worse. KCRAR and HMLS chose to take a very conservative path when it came to the new forms. Remember, the trial was held in our backyard, and I can guarantee you that everything we do will be watched. If you have questions, consult your broker! If they don’t know the answer immediately, they have the resources to find an answer.
We, in Kansas and Missouri, are accustomed to using buyer agency agreements. Many other states are not. It may be easy to confuse agency and compensation when determining if you need a written agreement. Make sure you understand your brokerage’s policy regarding open houses. Finally, embrace these changes to maintain compliance. If you are working with another agent that hasn’t had the training you were provided with, be a professional and help them! Let’s not let another agent forego compensation because of a mistake. And remember, we will get through this together!
