Major Changes in Real Estate Agent Compensation Take Effect August 17

Starting August 17, new rules will transform real estate agent payment structures as part of a $418 million settlement by the National Association of Realtors. Previously, home sellers paid a 5-6% commission. Now, buyers' agents must disclose their compensation upfront and secure a written agreement with buyers before property tours. This aims to make buyers aware of their responsibility to cover realtor costs if the seller does not.