Important Update on Pre-Sale Concessions

In the past few weeks, Realcomp has learned that some MLS’s, including CRMLS, the largest MLS in the country, have reconsidered their decision to add “pre-sale concessions” to their data entry platforms. The reason for this is the concern that agents may use these fields to enter commission/compensation that is being offered to buyer agents which is firmly against the terms of the recent NAR Settlement. Additionally, some federal agencies have stated that these new concession fields are being added as an attempt to get around the NAR Settlement that prohibits offers of compensation on the MLS.

Based on this information, the Realcomp Board of Governors has agreed that Realcomp will NOT be adding the previously communicated pre-sale concession fields out of caution due to the potential risk to Realcomp, our Brokers and Agents, and our Shareholders. We will be moving forward with the addition of the optional Closing Concession fields, to be implemented the evening of 8/6/24, which are as follows:

• Closing Concessions Y/N
• Concessions Closing Costs $
• Concessions Property Improvement Costs $
• Concessions Financing Costs $
• Concessions Professional Fees (other than broker compensation) $
• Concessions Other Costs (other than broker compensation) $
• Total Closing Concessions Amount $ - this field will automatically add the amounts if any that are included in the previous five fields
• Closing Concessions Comments (other than broker compensation)

Please be reminded that Subscribers must not (i) make offers of broker compensation; (ii) disclose broker compensation; (iii) represent brokerage services are free or available at no costs unless no financial compensation from any source will be received; or (iv) make any concession limited to or conditioned on the retention of or payment to another broker or representative.