If you’ve been following the NAR settlement, you know there are changes on the horizon to REALTORSⓇ across the country — including Illinois. CCAR and IR are here to help you prepare for these upcoming practice changes, which must be implemented by August 17, is the date to remain in compliance with NAR policy and Illinois law. 

Changes to Offers of Compensation

What does this mean?

• Offers of compensation are now prohibited on the MLS. Consumers can continue to have cooperative compensation as an option so long as they pursue it off-MLS through negotiation and consultation with real estate professionals.

What do I need to do?

• It’s critical to know exactly how to communicate offers of compensation. CCAR will provide educational opportunities in the future, but you can begin to educate and familiarize yourself by watching this video from the Window to the Law series: Window to the Law: How to Communicate Offers of Compensation.
• Additionally, it’s important to know exactly how seller concessions work. CCAR will provide educational activities in the future, but you can begin to educate and familiarize yourself by watching this video from the Window to the Law series: Window to the Law: How Seller Concessions Work.

Written Buyer Agency Agreements Required

What does this mean? 

• Agents working with a buyer must enter into a written agreement before touring a home. Ahead of August 17, NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms.

What do I need to do?

• At this moment, CCAR is not creating a Board form. Instead, we recommend using Illinois REALTORSⓇ (IR) Form 338, 338A, 339, 339A, or brokerages can create their own form. You can access recently-updated forms and guidance here: CCAR Resident Real Estate Forms Guidance.
• If you want to create your own form, you can use NAR’s sample: Written Buyer Agreements.

These practice changes must be implemented by August 17, so it is important to start familiarizing yourself now. Stay up-to-date on other changes by checking the NAR website daily: The Facts for REALTORS®.

Still have questions? Please reach out to us! We are here to help you feel prepared and confident for these important new changes.