Upcoming changes to Nationwide Real Estate Sales: What you should know

A local broker’s perspective of South Carolina changes for buyers, sellers, and agents

Effective August 17, new legislation introduces several key provisions designed to enhance transparency and accountability in real estate transactions. These changes stem from a national settlement involving the National Association of Realtors (NAR) and are centered around how Realtors are compensated. A variety of changes in real estate law will affect the way Realtors do business in regard to buying and selling property.  Concurrently, buyers and sellers will have more streamlined protective measures to ensure all parties are knowledgeable and in agreement with the transaction process. Here is a brief summary of this legislation update provided by Karen Yip, broker-in-charge, Yip Premier Real Estate, LLC.

Buyers

• Compensation: Buyers could pay out of pocket in order to have their own representation to purchase property. Commissions are negotiable. (Historically, sellers would allow buyers’ agents to be paid as part of the purchase price of property.) If a seller does not include the buyer’s commission in the transaction, buyers could be responsible for their buyer’s agent commission, earnest money, down payment, closing costs, inspections, insurance, warranties, and other related expenses.
• Representation: Buyers are required to be formally represented by an agent prior to viewing homes. A written buyer’s agency agreement must be signed by both parties. (Historically, agents could schedule to show anyone a home without the commitment to represent the viewer.)

Sellers

• Buyer’s Compensation: Sellers must decide if they would like to include the buyer’s agent compensation with the sale of the property (historically, an industry norm) or decline to include buyer’s agent compensation as part of the transaction.
• Compensation Advertisement: Offers of compensation are prohibited on the Multiple Listing Service (MLS). (Historically, commissions were added to the listing of the property to allow buyer’s agents to be aware of the compensation prior to showing property or entering into a contract with the seller.)

“This new law will bring much-needed clarity and fairness to real estate transactions, ensuring that all parties involved are well-informed and protected,” said Karen Yip, broker-in-charge, Yip Premier Real Estate, LLC. “My firm is committed to upholding these standards and providing exceptional service to our clients. We believe that full transparency creates the opportunity the significantly improve the real estate experience and aligns with our mission to provide top-notch service and guidance.”

Yip Premier Real Estate, LLC is prepared to implement these changes and assist clients in understanding how the new law impacts their transactions. More in-depth information may be found in Karen’s Yip Tips, a thorough YouTube platform that helps audiences to learn about real estate in South Carolina. https://youtu.be/meDqpX4tzys?si=UE9tjn_hmVhct9ug

For more information about the new real estate law or to discuss your buying and selling needs, please contact Yip Premier Real Estate, LLC at 803.388.8798 or visit www.sellingcolumbiasc.com.

About Yip Premier Real Estate, LLC

Yip Premier Real Estate LLC is South Carolina’s most innovative real estate firm. Specializing in the Columbia metropolitan area, our firm is composed of a team of local real estate professionals committed to selling some of the state’s most desired homes and land. Let us fulfill your real estate needs. www.sellingcolumbiasc.com