New SLAR Forms FAQ

What: New SLAR Forms Published July 23, 2024 in response to the NAR settlement. 

The forms will be auto-inserted into your e-signature platform if you use Forms-R-Us, Docusign, or Dotloop. All previous versions will simultaneously be removed.

As a general rule, refer to payments upon closing as "compensation" rather than "commissions."

July 23rd, 2024

What needs to be done about Listing Agreements active prior to July 23rd?

• SLAR has provided a document to help bridge the gap: LISTING CONTRACT SETTLEMENT DISCLOSURE #Form #2050.

• This will be required for all listings that close after August 1, 2024 and have utilized the old Listing Agreement form dated prior to 07/24.

Any new listing agreements or buyer's agency agreements submitted for broker signature on or after July 23rd, 2024 must be presented on the new SLAR Form dated 07/24 in the header.

All buyer's agencies active prior to July 23rd will remain active, but note: the new ruling does not allow buyer's agent compensation higher than what is noted in the buyer's agency agreement. 

• A new Agreement does not need to be signed as Buyers' Agency Agreement Amendments are acceptable to document changes to the agreement. 

• The amount of compensation must be objectively ascertainable and may not be open-ended (e.g., “buyer broker compensation shall be whatever amount the seller is offering to the buyer”).

• A broker signature is required for all amendments including a change in compensation.

A Buyer's Agency Agreement is required to show a home in a representative capacity. It is not required to have an agency agreement for each attendee of an open house.

August 1, 2024

All data of commissions payable on listings in Maris will be removed including current and historical data.

To Buyer's Agents: 

Before August 1 - We suggest gathering MLS printouts of properties you have an accepted offer on, or may write an offer on to show compensation listed. However, this will not hold the seller responsible for payment. You must also include a COOPERATIVE COMPENSATION DISCLOSURE #Form #2108.

To Listing Agents:

All listing agents holding listings that are not under contract on before August 1 will need to provide the COOPERATIVE COMPENSATION DISCLOSURE #Form #2108 to all buyer's agents requesting this information. Agents could start requesting it immediately, so it is best practice to have this ready.

All closings on or after August 1 will require COOPERATIVE COMPENSATION DISCLOSURE #Form #2108 if any commissions are to be paid by the listing brokerage or seller.

August 17, 2024

All showings for buyers will require a fully excited Buyer's Agency Agreement.

October 1, 2024

New forms will be available and the CCD will no longer be used.

No new buyer's agency or listing agreement will need to be filled. It is in your best interest to confirm documentation of your compensation as a buyer's agent.

PRO TIP: Watch the video above with Lynn Madison