As sent to ECAR members on March 15, 2024:

Good afternoon ECAR Members,

Please see below the announcement made this morning from NAR® President Kevin Sears regarding the proposed settlement in the on-going Home Seller Class Action Lawsuits.

Cognizant of our responsibility to uphold the highest standards within the real estate industry, The Emerald Coast Association of REALTORS® remains steadfast in its commitment to deliver outstanding education, training, and resources to you, our valued member. We understand that change can be challenging, but please rest assured that we are here to support you in this process.

NAR® has announced that under the Settlement Agreement two new MLS rules will be enacted in mid-July 2024. In summary, one will completely remove offers of compensation on the MLS, and the other will require any MLS participants who are working with a buyer to enter into a written representation agreement. We do not know all the details at this time.  This information and additional materials are available for members at facts.realtor. You can also get the most up to date information at competition.realtor. Both sites offer a FAQ, a Settlement Fact Sheet, and the NAR® Press Release issued today. We encourage you read these publications.

The success and preparedness of all our members is a top priority.  We are “Better Together,” and we promise to promptly share updates with you when additional information becomes available, so you are well-informed and equipped to adapt to these upcoming adjustments.

Thank You,

Keith Wood
2024 ECAR President