https://www.screaltors.org/wp-content/uploads/Forms/120.pdf
The SCR120 compensation agreement has a variety of uses including but not limited to:
1. FSBO seller agrees to compensate the buyer side brokerage.
2. Listing brokerage agrees to compensate the buyer side brokerage (e.g., when the buyer side brokerage is not a participant in the listing MLS, when the buyer side brokerage has successfully negotiated for an amount of compensation that differs from that offered in MLS or is not offered in MLS,
3. Seller agrees to compensate the buyer side brokerage.
Many experts anticipate that post-settlement, compensation agreements will be used widely in near future residential transactions like they are commonly used in commercial transactions today.
Post-settlement, some listing brokerages might even display their compensation agreements completed by the listing brokerage alongside that listing brokerage’s listings (e.g., the listing brokerage’s website/socials, listing brokerage’s email/text/DM blasts, e-documents, paper documents, any communication method not involving the MLS such as no MLS uploaded docs, no MLS remarks, no affiliated MLS systems, no MLS allusion communication, no MLS fields).
Buyer side brokerages and their associated licensees may consider updating their buyer-side presentation of value and compensation.
NAR is offering ABR included in membership:
https://www.nar.realtor/education/designations-and-certifications/accredited-buyers-representative-abr/free-in-2024
SCR is working to provide education to assist with buyer side brokerages and associated licensees updating their buyer side presentation of value and compensation (e.g., ABR, RENE, SRS).
Other educators are working to provide education to assist with buyer side brokerages and associated licensees updating their buyer side presentation of value and compensation.
Posted by: Byron King on 05/30/24 (This information is only accurate as of 05/30/24. You must contact SCR for updates and changes to this information after 05/30/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.