New Rules Governing Real Estate Industry Go Into Effect, Could Complicate Home-Buying Process
LAS VEGAS, NV – New rules governing the United States real estate industry are going into effect this week that could potentially make the process of buying and selling a house – both in Las Vegas and nationwide – more difficult and complicated than before.
Now, before a prospective buyer can even receive a tour of a home that they are interested in, they will need to have a written contract in place with a real estate agent.
Previously, individuals selling homes typically offered a blanket commission to the buyer’s real estate agent when listing their home for sale on a multiple listing service (MLS). However, going forward this will no longer be permitted due to new rules that are going into effect as a result of federal class-action lawsuits against the National Association of Realtors (NAR).
A buyer will still have the option of negotiating compensation offers directly from the seller, but if they are turned down, the buyer would be responsible for paying for the services of the seller’s agent.
These changes are a result of a settlement the NAR reached in their lawsuit – along with a $418 million payout – which alleged that artificially inflated real estate agent commissions were being forced upon sellers across the nation upon the sale of their homes.
Going forward, as mentioned earlier in this article, agents who are representing clients with homes advertised on a MLS and their prospective buyers will need to have a contract in place for even a tour of a listed home to take place, which some sellers say may add a layer of confusion and difficulty to the buying process.
However, real estate experts are saying that at the end of the day, it is not expected that the market will see significant slowdown due to the new rules being implemented, aside from adding more steps to the homebuying process.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.