Easily Adapt to the NAR Rule Changes with Docusign
With the new rules, agents must navigate through new ways of communicating compensation expectations while also ensuring compensation terms and relevant concessions are properly documented in written agreements. Docusign proactively updated its solutions so that you can navigate these changes with ease and simplicity.
The National Association of REALTORS® recently updated its MLS Policies governing agent compensation and written buyer agreements. Some consider these changes among the most significant to the real estate industry in years. Effective August 17, 2024, agents must comply with these new practice changes aimed at promoting clarity and transparency in serving both sides of a real estate transaction.
With the new rules, agents must navigate through new ways of communicating compensation expectations while also ensuring compensation terms and relevant concessions are properly documented in written agreements. Without the proper documentation, agents and brokerages face compliance or contract risks, which may lead to disputes, lost compensation, and costly fines.
As a REALTORS® Benefits partner and eSignature provider to NAR members, Docusign proactively updated its solutions so that you can navigate these changes with ease and simplicity. Let’s look at how eSignature for Real Estate—with Docusign for REALTORS®, our NAR member-exclusive plan—can help you comply with these new rules.
Streamline purchase agreements with Docusign eSignature for Real Estate
A key update in the new NAR rules is that offers of compensation are prohibited on multiple listing services (MLS). However, they remain optional for consumers to pursue through negotiation and consultation with real estate professionals. Additionally, concessions continue to be permitted. As an agent, it’s crucial to outline any concessions your buyer is seeking and include all necessary addendums and supporting documents in the purchase agreement.
The new eSignature features for real estate professionals simplify this process with access to thousands of pre-tagged, fillable forms across hundreds of libraries that you can store and refer back to later. Docusign has you covered with updated state and local association forms that align with the new NAR practice changes—so you can be confident you’re using the correct documents.
As part of eSignature for Real Estate, users also get access to Transactions Workspace, a customizable digital workspace where you can easily find and send all necessary forms for signature. Transactions Workspace makes it easy to keep all your paperwork and transactions on track, ensuring nothing slips through the cracks.
Check out the Docusign for Real Estate datasheet for details on how this digital tool can help you simplify everyday transactions and comply with local and national regulations.
Accelerate buyer agreements with the Docusign Mobile App
Moving forward, agents working with buyers must enter into a written agreement before touring homes. For more details on written agreements, read Written Buyer Agreements 101.
The eSignature mobile app can help streamline the review and execution of a written buyer agreement and frees you to work from anywhere. You can send and collect signatures for buyer agreements and other documents directly from your mobile device or tablet. Clients can easily review and sign agreements at any time and any place right before a tour, empowering them to act quickly on new opportunities and helping you close more deals while offering an excellent client experience.
Meet the moment with the official eSignature solution for REALTORS®
As the official eSignature provider for NAR, Docusign is committed to helping you navigate the complexities of a fast-changing market with ease and confidence.
With these new Docusign features, NAR members get the comprehensive tools they need to streamline transactions and gain a competitive edge in today’s real estate landscape.
Want to learn more? Register for our webinar on September 5. We’ll do a deep dive with a product demo on how you can leverage eSignature for Real Estate to stay agile amid the ever-changing market.
Learn how Docusign’s solutions help you meet the moment, ensure seamless transactions, and delight your customers by visiting Docusign for Real Estate. Docusign for REALTORS® is exclusively for NAR members and includes a 20% discount.
Also, be sure to check out this demo of Transactions Workspace.
Looking for more detailed information on the NAR rules changes? Read these NAR Settlement FAQs.
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