The NAR settlement stipulates that a written agreement needs to be in place between an MLS subscriber and a buyer before they tour any property, unless inconsistent with state or federal law or regulation. REcolorado updated MLS Policy Section 1.4 to include this language, pursuant to the settlement agreement and opt in agreement.
Additional details can be found in these resources:
Am I required to obtain a written agreement prior to showings?
A written touring agreement is required per the terms of the settlement unless inconsistent with state or federal law or regulation. Talk with your managing broker or legal counsel to determine if you need a written agreement for your business.
Why would I want a written agreement?
This requirement ensures that a conversation about compensation takes place between the buyer and agent prior to the start of a working relationship. This gives the buyer’s agent an opportunity to discuss their value, the services they provide, and how they will be compensated for those services.
What forms are available through the state?
The Colorado Real Estate Commission has made available updated contracts and forms on the DORA website, including:
- Exclusive Right-to-Sell Listing Contract
- Exclusive Right-to-Buy Listing Contract
- Contract to Buy and Sell Real Estate
- Brokerage Disclosure to Buyer-Definitions of Working Relationships
Additionally, the Colorado Bar Association produced a brokerage firm compensation agreement available for download on the CBA website.
CAR General Counsel Scott Peterson reviewed the 2024 contract changes in depth during a webinar in July. View the recording here.
