(updated 12.2024)
- What MLS changes went into effect on August 6th?
On August 6th, all compensation fields were removed from CVR MLS, and new rules prohibiting any communication about compensation in the MLS were implemented. The CVR MLS Compliance Team regularly checks all MLS fields to ensure that no offers of compensation or any verbiage regarding compensation is reflected in any listing fields.
- Since we are allowed to offer concessions to potential buyers, how and where do we enter that information in the MLS?
If your seller is offering seller concessions or closing credits to potential buyers, you may include this information in the REMARKS field, just as you can now.
However, the Settlement does prohibit any concessions from being limited or conditioned on the retention of, or payment to, any buyer broker. If there is language insinuating that the concession should be used for buyer broker compensation, CVR MLS will remove the language and agents may be subject to a fine.
- How should I record concessions when I close a listing in the MLS? What if some of the seller concessions went to pay for the buyer brokerage commission?
(Updated 12.2024) Seller paid closing costs should be entered in the Seller Paid Closing Cost field (formerly named Seller Concession). These should be seller paid closing costs to the buyer: closing costs, prepaids, discount points and loan expenses. You should not include any seller-paid concessions towards buyer agent compensation.
- How may a Broker show compensation on their own site – specifically when the listings are from an IDX feed?
The Settlement allows brokers to display compensation offers on their own listings on their own website. MLSs are prohibited from providing data feeds to websites or platforms that display or aggregate offers of multiple brokerages. So, if you display compensation offers of your own listings on your IDX-fed website, you are not in violation of the Settlement.
- Is there any restriction with the NAR settlement to having HISTORICAL data after settlement on what the Buyer comp was for a listing?
All compensation information, including historical compensation information on closed listings, will be removed from display in the MLS.
- Since the compensation fields are gone, can I include compensation offers to buyer agents in Showingtime, lockboxes, or showing instructions or as a supplement?
MLSs may not facilitate any communication regarding buyer agent compensation. That restriction extends to all fields and related tools. So, no compensation offers or language may be included in any fields, as a supplement or through any MLS-provided tool or tools that utilize an MLS data feed.
