This page provides the key changes being made to RMLS documents as of August 13, 2024 (ahead of the settlement compliance deadline of August 17, 2024).
Updated Documents
Required Subscriber Actions by 8/13: For any existing listing that is actively marketed on the MLS, the Seller’s Agent must disclose or amend their agreement with their sellers to include a conspicuous disclosure that compensation is not set by law and is fully negotiable. Active agreements can either be amended or a separate disclosure can be provided to satisfy the requirement.
This Listing Contract Addendum (#1250), or the E-Form version, can be used to make that amendment. It contains a conspicuous disclosure that compensation is not set by law and is fully negotiable. [UPDATED 7/30/24] A Commercial Lease variant addendum is now also available (as well as an E-Form version).
The Listing Contract Addendum can be executed anytime between now and 8/12/2024.
[UPDATED 8/1/24] The amount to be listed in the Listing Contract Addendum should reflect the total brokerage fee charged to the seller. The current Listing Contracts show TOTAL or COMBINED amounts and the addendum changes that to the SELLER’s BROKER only.
Note: Subscribers can work with their own firms and/or legal counsel to draft language as they see fit. NAR has made comparable templated disclosure language available here.
You can review the ‘Redline’ (which indicate the specific changes being made) and ‘Final’ versions of the revised documents below.
Highlights
- Compensation Removal: Offers of compensation between brokers or buyer representations are no longer allowed within the RMLS system, including RMLSweb, our mobile app, or in our API (for IDX and VOW data feeds) in any way. Compensation may still be negotiated as always but cannot involve RMLS or any of our platforms.
- Listing Contracts: The Oregon, Washington, and Commercial Lease Listing Contracts have all been updated to reflect the legal requirements.
- Written Agreements: Buyer’s Agents must now have a written agreement for buyers or prospective buyers prior to touring a residential property.
Questions?
Send an email to communications@rmls.com