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NAR Lawsuit Settlement Implications

March 15, 2024 - The National Association of REALTORS® (NAR) announced an agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below.

Bookmark this page and check regularly for updates as we get them. We'll be posting information from NAR, FR, Stellar, and GACAR, so you'll have all the pertinent information in one place.

Florida Realtors has new revised buyer broker forms and released four new compensation forms.

NEW: Revised buyer broker forms

The Exclusive Buyer Brokerage Agreements have been revised and simplified to improve their usability and bring them into compliance with the National Association of Realtors settlement agreement.

These forms are now live on Form Simplicity:

Florida Realtors Releases New Buyer Representation Forms

Florida Realtors has released four new forms — two compensation agreements and modification forms, for each compensation agreement. All are now available for download on Form Simplicity. 

These new forms aim to provide maximum flexibility to compensation arrangements in the transaction and are designed to allow the participants in a real estate transaction to memorialize compensation arrangements.

Form 1: Compensation Agreement - Seller to Buyer's Broker (CASB-1). This new form is a compensation arrangement in which the seller agrees to compensate the buyer's broker for procuring a buyer for a listed property. (Click here to preview)

Form 2: Modification to Compensation Agreement - Seller to Buyer's Broker. This form allows the parties to make changes to any material terms of the underlying compensation agreement between the seller and the buyer's broker. (Click here to preview)

Form 3: Compensation Agreement - Seller's Broker to Buyer's Broker (CABB-1). This agreement memorializes any agreement between the brokers. The seller's broker, also known as the listing broker, to compensate the buyer's broker for the listed property. This agreement is property specific, and the arrangement between the brokers should relate to the listed property, not serve as a blanket agreement between the brokerages. (Click here to preview)

Form 4: Modification to Compensation Agreement - Seller's Broker to Buyer's Broker. (Click here to preview)

 

Questions? Contact the Florida Realtors Legal Hotline at 407-438-1409.