The new residential contract riders address buyer credits (concessions) and compensation to make the financial terms of transactions more transparent.
ORLANDO, Fla. – Florida Realtors® released two new residential contract riders on Monday to help Realtors® and customers more effectively navigate buyer’s broker compensation and provide greater transparency in the homebuying process.
NAR Settlement: Forms, Resources, Webinars from Florida Realtors
Both riders are now available for download in Form Simplicity (login required).
- Credit Related to Buyer’s Broker Compensation (CR-6 FF. AND CRSP16 DD) This form may be used when a seller agrees to give a credit to the buyer in a transaction when the buyer has entered into a separate buyer’s brokerage agreement and elects to apply the credit towards buyer brokerage compensation. (Click here to preview)
- Seller’s Agreement with Respect to Buyer’s Broker Compensation (CR-6 GG. AND CRSP16 EE) This form may be used by the buyer to make the contract contingent on the seller or seller’s broker executing a separate compensation agreement with the buyer’s broker, with terms acceptable to the buyer. This form gives the buyer the ability to cancel the contract if no separate agreement is reached, or the terms of the separate agreement are unacceptable. (Click here to preview)
The new forms are among the many settlement resources available to help Realtors as they deepen their understanding of the practice changes and continue to build trust with inquiring buyers.
Upcoming free webinar
In addition, another helpful resource for you: On Tuesday, Sept. 17, Florida Realtors will host its popular “Buyer Representation – What You Need to Know” webinar with Cynthia DeLuca. In this free event, from 9:30-11 a.m., ET, you will learn important topics related to the NAR settlement:
- How we got here and why
- What was required on August 17
- Understanding Florida “agency relationships” and buyer representation
- Understanding new forms, including buyer broker agreements, new compensation agreements and showing agreement
Florida Realtors’ NAR Settlement Resource Guide webpage also includes a wealth of information about the practice changes, including videos, infographics and new and revised forms and contracts.
As always, the Florida Realtors Legal Hotline is available weekdays to answer your questions at 407-438-1409. Questions may also be submitted online any time by clicking here.
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Author: amyc