Written Consent Is Required
As of August 13th, 2024, before a REALTOR® or MLS Participant makes an offer of compensation or a payment to another broker, agent, or other representative (e.g., a real estate attorney) acting for a buyer:
The REALTOR® or MLS Participant must conspicuously disclose to sellers and obtain seller approval for any payment or offer of payment that a listing broker will make to another broker acting for buyers and
This disclosure must be made to the seller in writing in advance of any payment or agreement to pay another broker acting for buyers, and the amount or rate of such payment must be specified.
Listing Agreements
The new listing agreements released by Florida Realtors on July 30th include the required disclosures listed above. For those using a different agreement or a previous FR version of the listing agreement, you can use the Modification to Listing Agreement form to include the required disclosures. You can also comply by incorporating the disclosures in the Additional Terms portion of the listing agreement with the seller’s initials.
Written Buyer Agreement
Agents can comply with the new written buyer agreement requirement by utilizing one of the three agreements provided by Florida Realtors®.
Pre-Touring Agreement — This form allows a consumer to receive the necessary disclosures about the settlement prior to showing the property. It also provides fundamental information regarding broker compensation.
Showing Agreement — A Showing Agreement is used for one of a few related properties and names the specific property addresses. It is not a blanket agreement for all properties.
Exclusive Buyer Brokerage Agreement — The purpose of the written Buyer Broker Agreement is to specify your compensation as well as disclose how you are getting paid and what your role in the transaction is.
Compensation Agreements
The new compensation agreements provided by Florida Realtors® aim to provide maximum flexibility to compensation arrangements in the transaction and are designed to allow the participants in a real estate transaction to memorialize compensation arrangements.
Compensation Agreement—Seller to Buyer's Broker — The seller agrees to compensate the buyer's broker for procuring a buyer for a listed property.
Compensation Agreement—Seller's Broker to Buyer's Broker — The listing broker agrees to compensate the buyer's broker for the listed property. This agreement is property-specific and should relate to the listed property, not serve as a blanket agreement between brokerages.