TOPEKA (KSNT) - New rules are active for real estate agents in Kansas which are changing how homes are sold.
Among these new changes is the seller no longer having to pay the buyer's agent. This comes from a legal decision from 2023 impacting how real estate agents are compensated.
The lawsuit says having sellers pay the commission and then splitting it between the agents for the buyer and seller is unfair and keeps commissions much higher. For now, the seller will decide whether to pay the buyer's agent.
"It's gonna be more paperwork to have to have that agreement every single time that we show a house," said Lesley Perreault, Kansas realtor. "Right now, I think it's just more education."
Perreault said in order to stay competitive sellers will still need to offer to cover the buyer's agent's fees.
The National Association of Realtors (NAR) reached an agreement with the plaintiffs of the lawsuit on March 15 with the changes due to take effect on Aug. 17, 2024. Other new changes impacting home buyers and sellers include the following:
Written agreements are required for both in-person and live virtual home tours.
Agent compensation for home buyers and sellers will continue to be fully negotiable.
If you are a buyer and your agent is an MLS, you will need to sign off on a written agreement with your agent before touring a home so you know exactly what services will be provided and for how much.
People will not need a written agreement if they are only speaking to an agent at an open house or asking about the agent's services.
You can learn more about the changes by clicking here.
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