CRMLS removes merchant concession fields from the platform
California Regional MLS (CRMLS) has decided to remove seller concession fields from its platform.
In late May, CRMLS added a seller concessions price data field to its platform, allowing brokers and brokers to report how much a seller was willing to contribute to the buyer’s transaction costs, which may include buyer representation fees.
The nation’s largest MLS also added a field to indicate whether the amount offered was a dollar amount or a percentage of the home’s sales price. Initially, CRMLS said it added these fields in preparation for the changes in business practice that will occur in the National Association of Real Estate Agents settlement agreement before a national commission.
One such change outlined in the settlement is the ban on offers of buyer agent compensation by the MLS.
CRMLS said it is keeping the “Yes” or “No” field that allows brokers to indicate whether their seller will consider concessions, but is removing the field that indicates the dollar amount or percentage the seller is willing to consider.
Art Carter, the CEO of CRMLS, said these changes were caused by the modified forms passed by California Association of Realtors. The amended forms, including the Residential Listing Agreement (RLA) and the Multiple Listing Service Addendum (MLSA), do not include offers of inter-agent compensation. This change came after the Department of Justice started an investigation into CAR’s forms.
Additionally, CAR’s updated RLA form does not include references to seller concessions. Discussions about seller concessions have instead moved to the MLSA, which has been amended to allow sellers to indicate whether or not they authorize their listing agent to advertise in the MLS that they are willing to consider offers in which concessions are asked for. The updated MLSA also notes that even if the MLS used by the agent allows it, “no amount of the potential concession will be stated in MLS, either as a percentage of the purchase price or as a lump sum, unless the seller broker in writing. of the amount.”
CAR released its updated forms last week.
