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Orange Alert

Orange Alert! NAR Proposed Settlement Resources

A message from President Ed Molina


Dear Orange County REALTORS®: 

I’m Ed Molina, serving as your 2024 OCR President. As you are probably aware, there are many practice changes happening in the real estate industry, with more information to be found on OCR, CAR, and NAR’s site, but I want to break it down to three main points: 
 

First, are you covered? 

A release of liability was secured by NAR for many of its members, preserving the choices that consumers have regarding real estate services and compensation. You must be an NAR member as of the date of the class notice on August 17 and there are several exemptions. Contact your broker, manager, attorney, and/or the CAR Legal Hotline to discuss further your coverage under the settlement agreement.  More information HERE

 
Second, are you ready for the TWO practice changes?

To benefit from the release of liability under the proposed NAR settlement, compliance with settlement agreement is mandatory, including two practice changes: compensation offers are prohibited from being offered through the MLS and written buyer representation agreements are required.

CRMLS Rules and Policy changes go into effect on August 13, 2024.

C.A.R. is making significant practice-related changes to its forms. Drafts are available starting July 10 on the C.A.R. website and the revised forms will be launched live on the forms platforms, starting July 24. Sign up for the Townhalls regarding the C.A.R. Forms HERE
 

Third, got questions?  

Contact your broker/manager, brokerage attorney and/or the C.A.R. Legal Hotline.


Changes in the status of the settlement agreement and procedures being adopted to assure compliance are being updated regularly. OCR is in communication with C.A.R. and NAR and is here to provide information and resources regarding the changes. Bookmark the OCR resources page: https://www.ocrealtors.org/settlement for more information on town halls, classes and webinars. 

There is no doubt that this is a challenging time in the market. We appreciate your continued professionalism and membership at Orange County REALTORS. Thank you for all that you do every day for your clients in setting them up for success and in making the dream of homeownership a reality.
 

Thank you.

Ed Molina
2024 President

 

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