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GAR Form of the Month
Mid-Year Contract Changes
Every year, the GAR Forms Committee releases updates (usually in June) to correct typographical errors or address unintended issues discovered in the first few months of using the January forms. This year, due to the NAR Settlement, the committee delayed the release by one month and implemented significant changes to the forms. I highly recommend that every agent attend a 3-hour CE class to familiarize themselves with the new forms and consult with their broker for advice on protecting their future compensation.
Key areas covered include:
Buyer & Seller Brokerage Agreements: There are more options now to explain to Buyers and Sellers. Commission has been changed to Compensation throughout.
Purchase & Sale Agreement: In addition to changing commission to compensation, there's a new Exhibit added to the List of Exhibits for the new form F259 Broker Compensation Agreement Exhibit
New & Updated Forms Regarding Compensation:
Lead Based Paint Exhibit: There is a new initial line added to the Lead Based Paint Exhibit. Buyer Agents now have a responsibility to the Seller if the Seller is paying Buyer Agent compensation.
My team will be watching to see how agents start using these new forms to protect their compensation and better inform clients/customers of their rights and responsibilities. We're also watching out for MLS changes to publishing the compensation sharing and how that will change our operations moving forward. Luckily one of our values is growth! We'll be learning and growing with our agents through this new season.
Note: The information provided in this newsletter is for general informational purposes only and should not be construed as legal or brokerage advice.
SS 620 BUYER REQUESTS SELLER PAY BUYER’S BROKER’S COMPENSATION
Buyer hereby requests, and Seller hereby agrees to pay Buyer’s Broker at Closing the following compensation for professional
services. [Select one below.]
$________________________
_____% of the purchase price
_________________________________________________________________________ (other)
Monday, September 2, 2024
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Thanksgiving Day
(Note : Most attorneys and RHRE also close Friday Nov 29, which is a state, not federal holiday)
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