
In Illinois, the recent developments in the NAR (National Association of REALTORS®) lawsuit include significant changes to the real estate industry, particularly concerning the buyer's agent commissions. A notable aspect of the settlement is that it will eliminate the requirement for listing brokers to offer compensation to buyer brokers through the MLS (Multiple Listing Service). This means that starting August 17, 2024, buyer's agent commissions will no longer be included in MLS listings, and written buyer's agent agreements will be required.
Midwest Real Estate Data (MRED), a major MLS in Illinois, has announced its compliance with these changes and is updating its policies and documents accordingly. MRED will also monitor fields and third-party sites to ensure compliance with the new rules.
For more detailed information, we can be reached at 630-286-9777
Team Elite Realtors
Julia Corkey & Vickie Schoenfeld