New residential real estate rules stemming from a 2023 legal decision went into effect across the nation yesterday.
The policies move away from the traditional 6% commission for realtors drawn from the sale price. Sellers must now decide whether and how much to pay the buyer’s broker.
On the other side, buyers must enter into a contractual agreement with a realtor before home showings, potentially having to pay their agent the agreed-upon commission themselves.
While giving more control to sellers, critics argue the new rules add another layer of complexity to the home-buying process.