Summary
New Rules Govern Residential Property Sales in Connecticut and Nationwide
New Rules Govern Residential Property Sales Beginning in Mid-August: Steve Schappert Explains What Connecticut Buyers and Sellers Need to Know and Why Connecticut Real Estate Brokerage LLC is Your Best Choice.
As of August 17, 2024, new guidelines affecting residential property sales in Connecticut will come into effect following a settlement by the National Association of Realtors (NAR). It’s important for buyers to understand how these changes may impact their home-buying experience and why choosing Connecticut Real Estate Brokerage LLC can offer you exceptional advantages during this transition.
Key Changes to Know
- Advertising Broker Compensation: The settlement prohibits sellers’ brokers from advertising compensation to buyers’ brokers on MLS listings. This means while sellers and their brokers can still choose to compensate buyers’ brokers, this information will no longer be displayed in MLS listings. The compensation details can now be negotiated directly between the seller and the buyer’s broker.
- Buyer Representation Agreements: Buyers will need to sign a representation agreement with their Realtor® before viewing homes listed on MLS. This agreement can be for a single property or a short-term arrangement, providing flexibility to suit your specific needs.
- Continued Compensation Options: Although MLS will not display compensation details, sellers and their brokers can still agree to compensate buyers’ brokers. This arrangement can be communicated through other means, such as written agreements or direct negotiations.
- No Mandatory Out-of-Pocket Payments: Buyers are not required to pay their buyer’s broker directly. It’s likely that compensation for the buyer’s broker has been factored into the sale price of the home. Thus, the settlement doesn’t necessarily mean increased out-of-pocket costs for buyers.
- Contract Validity: Existing contracts made before August 17, 2024, remain valid. Any agreements that specifically include MLS compensation will need adjustments to align with the new guidelines.
- Ongoing Buyer Broker Representation: Buyer broker representation remains a valuable and prevalent practice. The settlement doesn’t eliminate this service but modifies how compensation is disclosed.
Why Choose Connecticut Real Estate Brokerage LLC?
- Expert Guidance and Representation: At Connecticut Real Estate Brokerage LLC, our team, led by Steve Schappert, is committed to providing expert guidance through these changes. We ensure that our clients receive the best possible advice and representation in this evolving landscape.
- Tailored Service: We offer personalized service to meet your unique needs. Whether it’s negotiating compensation details or understanding the new guidelines, we work closely with you to ensure your interests are prioritized.
- Comprehensive Marketing and Visibility: With over 490 targeted social media groups and pages, we provide unmatched marketing exposure for your real estate needs. Our campaigns are designed to generate more leads and connect you with the right opportunities.
- No-Franchise Overhead: Our local, independently managed brokerage allows us to offer more service for less money. We pass the savings on to you, providing exceptional value without the extra costs associated with franchise fees.
- Experience and Integrity: Steve Schappert’s extensive experience in real estate, combined with a commitment to honesty and integrity, ensures that you receive world-class customer service. We are dedicated to making your home-buying journey smooth and successful.
- Innovative Solutions: We are actively exploring and implementing innovative solutions to enhance your real estate experience. From leveraging the latest technology to adapting to new industry regulations, we are at the forefront of real estate advancements.
Get Started Today
Navigating the new real estate guidelines can be complex, but with Connecticut Real Estate Brokerage LLC by your side, you can feel confident and well-informed. Contact us today to discuss your home-buying needs and experience the difference of working with a dedicated team that puts your interests first.
Connecticut Real Estate Brokerage LLC
Steve Schappert 203-994-3950 Email