Rules around buying and selling a home to change on Saturday

TAMPA, Fla. (WFLA) — Starting Saturday, the way you buy and sell your home will be changing as new rules for how real estate agents are paid go into effect. In the Tampa Bay Area, these changes have already started.

For the longest time, sellers used the money from the sale to pay a commission to both the buyer’s agent and seller’s agent. Now, that might no longer happen, and buyers might have to pay their own agent.

“This has probably been the biggest change since the internet became the main way that people search for homes,” explained local realtor Emma Pardo.

This monumental shift in decades-old real estate norms could have a seismic impact.

“It’s imperative for realtors to be up on these new rules,” Pardo said. “Without them, there are fines in place. I already know some agents that have been fined.”

In the past, commissions of around five to six percent were advertised on the Multiple Listing Services (MLS), a database that members of the National Association of Realtors (NAR) use to find properties. But a lawsuit against the NAR argued that advertisement drove up commission rates.

The Association ended up settling that lawsuit for over $400 million and changing its rules.

“There is a general concern by many agents that this might change their business for better or for worse,” Pardo said.

This also means buyers must now sign a contract with their agents that agrees on how much the agent is paid.

“Buyers shouldn’t be worried if the seller is not offering a commission,” Pardo said. “Don’t necessarily assume you’ll be on the hook for it. Know that it can be negotiated within the offer that they’re making.”

According to research from Redfin , since the settlement was announced in March, average buyer’s agent commissions have slightly declined.

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