New NAR mandated RULES and Indiana License Law Changes/ What does this mean for the public?

Northwest Indiana Real estate changes on July 1, 2024.
Due to a class action lawsuit settlement, NAR has agreed to a few rule changes. All the information about the NAR settlement can be found here:
www.nar.realtor/the-facts
License Law in Indiana for real estate brokers and brokerages are also changing. The license law (also known as HB 1068) takes effect July 1, 2024:
iga.in.gov/legislative/2024/b....
‪@IndianaREALTORS‬ ‪@greaternorthwestindianaass8428‬ ‪@NAREALTORS‬
What does this mean for realtors, real estate brokers, and most importantly, consumers?
The world of real estate is changing...for both buyers and sellers.
Ultimately, a buyer will need to have a written agreement with an agent just like a seller has a written agreement (a listing contract) with an agent. One important note is the buyer agreement will state the buyer's agent compensation, and it will ultimately be the buyer's responsibility to pay this amount.
A buyer may ask a seller directly for a concession to pay the buyer's agent compensation, but it is not required. A seller may still offer a commission to a buyer's agent, also, but again, it is not required.
Offers of compensation to buyer's agents will no longer be fields in the MLS (multiple listing service), which is also a database local agents in the same local association use to keep track of inventory and pull data or search for comparable sales.
Realtors must still cooperate with each other, but offers of compensation are not unilateral.
So, when you are ready to start the process of buying a home-- schedule a consultation with a few REALTORS and interview them to see which is the best agent to represent YOU and guide YOU throughout the process. Expect them to want to sign a written contract before you tour your first home.
Also, if someone isn't requiring a written buyer's agreement to show you a home, I think its fair to wonder why not? Its a NAR requirement. If that agent isn't requiring it, ask if they are a REALTOR.
I bet they are not, or they are skirting the rules. Either way, is that someone that will best represent YOU??
REALTORS hold themselves to a standard that is stricter than fair housing laws.
Ready to schedule a consultation?
calendly.com/wozhomes
We believe in a better real estate experience.
Blue Ribbon Realty LLC
getablueribbon.com
123 N Main St, #209-R, Crown Point IN 46307
Located in downtown Crown Point, the Hub of Lake County!
[phone]
[e-mail]
License#RC52000043
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[@candacetaylor4375]

Good job Lisa ♥we need clarity and you do a great job of keeping it simple! Thanks!

[@lisawozniakowskigroupatblu8306]

My pleasure Candace! I had no idea you watch my channel, thank you!

[@jamesjamaica7189]

Thanks

[@lisawozniakowskigroupatblu8306]

Here to help!

[@Love4puppies]

? How will it work in IN if you are wanting to look at an Opendoor home? Can you no longer self tour as of July and need a buyer agent?
Thanks!
Thanks

[@lisawozniakowskigroupatblu8306]

Opendoor is not in my area, so I really can't speak to that concept. However, if a person wants to see a home with a REALTOR, the REALTOR must have a written agreement with the buyer before touring a home. The written agreement must have the compensation amount and how it will be determined (it cannot be open ended), a timeframe, and specific language per the NAR settlement changes. In Indiana, a licensee (maybe not someone who is a REALTOR but someone who holds a real estate license) must have a written agreement on file with their brokerage that has a clear timeframe/expiration.
If a buyer wants to deny any representation from a REALTOR, but still wishes to be shown a home (and the REALTOR is willing to show the home), the two can sign a form saying they are aware the agent showing them a house is NOT representing them (like a waiver), but then that REALTOR cannot help the buyer compose an offer or work on their behalf, as they have denied representation. I don't know about you, but I don't think I'm going to show homes and spend gas money and my time with a client that expects me to work for free. Just like I don't expect my doctor, my mailman, my garbage man, my attorney, my accountant or my lawncare service to work for free.
I hope that helps!

[@Love4puppies]

@@lisawozniakowskigroupatblu8306 Thank you for explaining