CAR Forms from NAR Settlement Now Delayed

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By Melisa Spolini, Edinhart Realty & Property Management

Released 5:09pm PT, Friday June 21, 2024

NAR Settlement CAR forms Delayed

A review of the NAR Settlement by the DOJ in conjunction with member feedback has created a delay with The California Association of Realtors in releasing 21 new forms scheduled for June 25, required by the NAR settlement.

C.A.R. President Melanie Barker emphasized their commitment to high standards in California real estate. The delay will address DOJ concerns related to the settlement, ensuring future releases protect members and serve consumers effectively.

This delay, due to the NAR settlement, has also created uncertainty among sellers and agents. They are waiting to see how these changes will impact the industry and their ability to sell homes in the near future.

Sellers on the Sidelines

Home sellers are concerned about the NAR changes. They are waiting to understand:

    • Compliance Requirements: Will there be new disclosures or conditions that impact transactions?

    • Market Dynamics: Will changes from the NAR settlement affect buyer confidence and the ability for buyer’s agent to show homes for sale?

    • Commission Payment: Will a new commission structure for a buyer’s agent create confusion during a transaction?

Real Estate Agents on Hold

Real estate agents are also waiting for information on new forms and regulatory changes from the NAR settlement and they are concerned about:

    • Transaction Efficiency: How will this impact the transaction process and additional steps needed, affecting their ability to close deals quickly?

    • Client Advisory: Uncertainty around upcoming forms makes it hard to advise clients accurately as to what the future holds.

    • Marketing Strategy: Agents need to adapt strategies to align with new marketing requirements, updating tactics, negotiations, and documentation.

Moving Forward

C.A.R.’s commitment to providing updates is crucial for reducing uncertainty. Clear communication and above all, timely release of new forms, once all NAR settlement concerns are addressed, will restore confidence among sellers and agents. This ensures changes protect and streamline the transaction process, maintaining high standards in California real estate and supporting a dynamic market.

Meanwhile, sellers and agents should stay informed accordingly and be ready to adapt quickly once the new NAR settlement forms are released and understood.

For more information, please call Edinhart Realty & Property Management at 559-400-5011.

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