New requirements mandated under the NAR antitrust settlement agreement take effect this month and with MLS PIN also having announced recent rule changes, we've made revisions to the GBREB Forms Library to help you to effectively conduct business in the new landscape. All 16 revised forms have been uploaded and are available on the GBREB Forms Library hosted on the DocuSign, DotLoop, Glide, RemineDocs+, SkySlope and zipForms Plus platforms, the latter of which also includes Transaction Desk for brokers.

As of August 17, in order to meet the terms of the NAR settlement, REALTORS® and their sellers are prohibited from making offers of compensation in an MLS to buyer brokers or other buyer representatives.  Additionally, agents and brokers participating in an MLS who are working with a buyer must enter into a written agreement with the buyer prior to touring a home.  

Meanwhile, MLS PIN has opted to allow offers of compensation made by sellers, but with the stipulation that listing agreements must disclose that the seller is neither required to offer compensation nor required to accede to any cooperating broker’s compensation request.  Further, if a seller elects to offer compensation, the listing agreement must also indicate the cooperating broker will be an intended third-party beneficiary of the agreement with the right to enforce the same. 

To address these new policies, we’ve updated the GBREB Exclusive Agency, Exclusive Right to Sell, and Buyer Representation Agreements to enable you to meet the NAR settlement requirements. We've also amended the Broker's Fee Clause in our Purchase and Sale Agreements, and the Offer to Purchase form also has been updated with a clause to allow buyers to request sellers to pay a buyer’s broker commission.   

For more information, resources and videos, visit our Forms Updates webpage.