California Regional MLS (CRMLS) has decided to remove the field listing seller concessions from its platform.
In late May, CRMLS added a seller price concession data field to its platform, allowing real estate agents and brokers to list how much a seller is willing to contribute toward the buyer’s transaction costs, including buyer’s agent fees.
The nation’s largest MLS also added a section showing the asking price as a percentage of the home’s sale price. CRMLS originally added these fields to its National Association of Realtors National Commission Litigation Settlement Agreement.
One of the changes outlined in the settlement is to prohibit MLSs from offering buyer broker compensation.
CRMLS said it would retain a “yes” or “no” column for real estate agents to indicate whether they would consider a concession from the seller, but would remove the column indicating the dollar amount or percentage the seller would be willing to consider.
CRMLS CEO Art Carter said these changes are: California Association of RealtorsAmended forms such as the Residential Listing Agreement (RLA) and the Multiple Listing Services Addendum (MLSA) will no longer include broker-to-broker compensation offers. This change is Department of Justice An investigation into the form of CAR has begun.
Additionally, CAR’s updated RLA form does not include any mention of seller concessions. Discussion of seller concessions has been moved to the MLSA, which has been modified to allow sellers to indicate whether they allow listing brokers to advertise on the MLS that they are willing to consider offers seeking concessions. The updated MLSA also states that “the amount of a possible concession shall not be listed on the MLS as a percentage of the purchase price or a flat fee unless the seller notifies the broker of the amount in writing,” even if permitted by the MLS the agent uses.
CAR published the updated form last week.
