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Understanding the NAR Lawsuit Settlement

What You Need to Know

In response to a pending lawsuit judgement against them, in March of 2024 the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate agents and buyer/seller clients. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyers/sellers formalize professional relationships will. These changes have been implemented beginning August 17, 2024 in Greater Boston. 

Changes to the Homebuying Experience

Note, there are a number of nuances to these new practices. The below provides a general overview. 
Contact us for a comprehensive review to become confident in your understanding of them. 

1. Sellers

In the Boston area, you now have the option to NOT advertise a buyer agent fee when your property is advertised in the Multiple Listing Service Property Information Network/MLSPIN* platform (aka officially being “on the market.”) Note: early signs point to most sellers choosing to continue instructing their listing/seller agent to offer a buyer agent fee. If you choose to not proactively advertise a buyer agent fee in MLSPIN, we anticipate that buyers/buyer agents will ask sellers to pay the buyer agent fee. You have the right to agree or reject the request. * MLSPIN is the MLS platform covering Boston and the surrounding suburbs but does not cover the Cape & Islands for example. Those areas have their own MLS and are choosing to take a different approach. *

2. Buyers

Although exceptions* are in place, before viewing a property with a buyer agent, they are required to have you sign a “buyer representation agreement." *You can still attend open houses and contact a listing/seller agent to view a property without signing a buyer representation agreement. The buyer representation agreement can be for 1 property, 1 day/week/month/year and might even include only certain neighborhoods/towns. You and the buyer agent will be able to work out mutually agreeable terms. It will also spell out the buyer agent's compensation. However, as noted in the Seller's update above, at this time it appears most sellers will agree to pay the buyer agent fee. If they refuse, the buyer will be required to pay the buyer agent. There are ways to navigate which we can explain.

Still Confused?

Many sellers and buyers are, but that is one of the many reasons we are here. Contact us today and we will simplify things so you can get back to your busy lives!
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Alex and Rob have been fantastic to work with. They are keenly attuned to the Boston market and are communicative and proactive while also being patient with the process. We have used them to both buy and sell two places in the Back Bay with extremely positive outcomes on both sides of the transactions, despite an uncertain environment during the pandemic. Wish we ...

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Alex helped my husband and me find an incredible apartment in the South End. We couldn’t be happier with the place. She was so easy to work with, very professional and always on top of the latest rentals. Would recommend to anyone!

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I will never choose another team other than The Biega and Kilgore Team when finding a property in Boston. Alex was beyond helpful throughout the entire process. She made my move from NYC to Boston easy and enjoyable. I can't thank her enough for the wonderful apartment she found me in!

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Everyone from the Biega and Kilgore Teams was incredible to work with. From the initial meeting through closing, they paid meticulous attention to detail and followed through with everything they said they would. I would highly recommend this team if you are considering selling your place in Boston, as they completely exceeded our expectations!

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Biega + Kilgore Team

Rob: (617) 504-7814
Alex: (508) 380-2231

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Boston, MA 02116