The new law did not really change anything the seller is responsible for. It does make it clear that the commission to the buyer's agent is negotiable. Previously, as the seller, you would agree (negotiate) with your listing agent an amount of commission to your listing agent, and then an amount of commission that would be advertised on the multiple listing service to be paid to the buyer's agent. Now, there is no commission on the MLS. There is a buyer's agent commission on the buyer's offer for the seller to decide if they want to negotiate. Along with all the other offer terms, like price and concessions. This may help a seller get more $ in a hot market. The seller can negotiate a lower commission the the buyer's agent. Although, the seller must understand that it could make it difficult for the buyer to purchase the home, if the buyer has to pay their agent the difference not being paid by the seller. All buyers are required to sign a ' Buyer's Brokerage Agreement' and that document stipulates what the buyer's agent will be paid. Personally, I feel this made things tougher for buyers, but we are in the early stages of seeing how these changes work in reality.
What cost is the seller responsible for regarding the new law?
The new law did not really change anything the seller is responsible for. It does make it clear that the commission to the buyer's agent is negotiable. Previously, as the seller, you would agree (negotiate) with your listing agent an amount of commission to your listing agent, and then an amount of commission that would be advertised on the multiple listing service to be paid to the buyer's agent. Now, there is no commission on the MLS. There is a buyer's agent commission on the buyer's offer for the seller to decide if they want to negotiate. Along with all the other offer terms, like price and concessions. This may help a seller get more $ in a hot market. The seller can negotiate a lower commission the the buyer's agent. Although, the seller must understand that it could make it difficult for the buyer to purchase the home, if the buyer has to pay their agent the difference not being paid by the seller. All buyers are required to sign a ' Buyer's Brokerage Agreement' and that document stipulates what the buyer's agent will be paid. Personally, I feel this made things tougher for buyers, but we are in the early stages of seeing how these changes work in reality.