MLS Rules:
- No Compensation in MLS: Compensation Information must not be specified anywhere in the MLS, including public or confidential remarks, disclosures, or any other place within the MLS.
- Buyer Broker Agreement: When working with a buyer, you must enter into a written agreement with the buyer before touring a home.
- Buyer Broker Agreement Documentation: If the MLS requests the Buyer Broker agreement, you must provide it within 1 day.
- Required Consumer Disclosures Regarding Compensation: Participants and subscribers must disclose to prospective sellers and buyers that broker compensation is not set by law and is fully negotiable.
MLS System Changes:
New Field: Concessions Considered (Sellers are considering giving concessions to the buyers)
- Description: A new field named “Concessions Considered” will be added to the listing entry.
- Options: Yes/No
- Requirement: This field is optional.
- Searchability: This field cannot be used to search the MLS system, but the information will be visible on the listing report.
Modified Field: Concessions at COE (Did the sellers pay concession to the buyers)
- Previous Name: Concession
- New Name: Concessions at COE
- Options: Yes/No
- Requirement: This field remains mandatory.
- Searchability: This field cannot be used to search the MLS system, but the information will be visible on the listing report.
If you have any questions, please email us at mlsservices@bayeast.org.