As a continuation to our series of required and legally recommended Forms and Contracts to comply with the NAR settlement agreement, the following updates were recently approved by both the Forms Committee and Board of Directors.
5. REDLINE One-Time Showing Agreement FINAL One-Time Showing Agreement* * The One-Time Showing Agreement currently on Transaction Desk is not the most recent version. A necessary change was made on 1/2/2025 and sent to Transaction Desk. The updated version will be released as soon as possible.
6. NEW FORM ADDED: Addendum to Contract (Request for Seller/Landlord to Pay Buyer/Tenant Broker Compensation)
7. Contractual Clauses with Updates (Added 2 new clauses for Members on the last page for Homeowner's Insurance and Seller Paid Compensation)
8. The Broker Compensation Agreement will be removed from the Forms library.
IMPORTANT INFORMATION REGARDING CHANGES:
SUMMARY:
• The Broker Compensation Agreement removed from the Forms library.
• Language indicating cooperating compensation between a Seller’s Broker and Buyer’s Broker removed from the above forms.
• Various contractual clauses have been updated.
• NEW Form Added - "Addendum to Contract, Request for Seller/Landlord to Pay Buyer/Tenant Broker Compensation"
• The One-Time Showing Agreement will be updated.
Why were these updates made? The Associationis making changes to its Forms to removeoptions for buyer brokercompensation and broker compensation forms.The NAR settlementallows compensation to remain a choice for consumers when buyingor selling a home. However, the Association will no longer providecompensationoptions within the forms. Instead, Brokerages and their clients may choose to offer cooperative compensation off theMLSas a result of their independent decision makingand in accordance with
their own practices and policies. Please note such practices are individual business decisions and not standardized by Associationreal estateforms. Make sure to always consult your legal counsel on the best business practices for yourBrokerage.
Why was there a small delay in communication to Members about these updates? Due to a miscommunication from our Forms vendor, the updated Forms were released to members before we had the opportunity to notify you. This resulted in a disruption to our communication schedule. We have always prioritized keeping members informed about Forms updates and remain fully committed to doing so moving forward. We sincerely apologize for any inconvenience or confusion this may have caused.
Where can I find more information on all GLAR & MSI Forms affected by the settlement? Please continue to visit GLARFacts.com for all updates, changes and information in relation to NAR settlement changes.
Will any additional changes to Forms be made in the future?
The Forms Committee main purpose is to actively review and make recommendations to all Association forms. It is anticipated that new and updated Forms will continue to be proposed. We will continue to keep all members updated on any approved changes.
Will there be any upcoming educational sessions on Forms? Yes. Mark your calendar and register to join us on Thursday, January 30th for our Contracts: Best Practices for the Buyer’s Agent and Seller’s Representative CE class. Register by clicking here on your member portal.
