Form Changes | Legal News from the WRA
The state-approved (WB) listing contracts, buyer agency and tenant representation agreements, and all the offers to purchase are being revised!
To comply with the terms of the NAR Settlement Agreement, the Real Estate Examining Board (REEB) is approving revisions to the WB forms to provide greater transparency regarding commissions and compensation in the listing contracts and in the buyer agency and tenant representation agreements, as well as adding an optional provision to the offers to purchase allowing the buyer to ask the seller to pay the buyer’s firm’s commission.
The optional use date for the listing contracts, buyer agency and tenant representation agreements and all the offers to purchase is expected to be July 1, 2024. The mandatory use date when licensees must use the updated WB forms will be August 15, 2024.
WB forms will be available in Transactions (zipForm Edition) and the WRA’s PDF Forms Library once processing is completed.
Also, be on the lookout for new WRA forms designed to assist members comply with the Settlement Agreement. These may include a Pre-agency Showing Agreement for firms working with buyers about to tour a home and a revised Compensation Agreement for documenting the acceptance of off-MLS offers of compensation.
Stay updated on the availability of revised forms and any other forms changes on the WRA’s forms update resource page – HERE