Settlement Update: The Written Buyer Agreement Requirement

Since publishing the NorthstarMLS Settlement MLS Updates in July, we’ve received a number of questions about the Written Buyer Agreement Requirement (NorthstarMLS Rule 4.2) that takes effect August 15, 2024.

The primary question we’ve received is some variation of, “Do I need a written agreement to show a buyer a home I have listed?”

The simple answer is yes.

The Settlement Agreement states that all MLS participants working with a buyer must enter into a written agreement with a broker before the buyer tours any home. It does not differentiate between a listing broker and other brokers.

NorthstarMLS Buyer Touring Agreement

Starting August 15, NorthstarMLS policy will require written agreements for home tours, regardless of the broker’s role as a listing broker or buying broker. An exception is open houses offered to the public.

We realize that having a written buyer agreement in place before holding private buyer showings and video tours is likely a new practice and you should check with your broker to see how they want you to comply.

We are also providing a simple-to-understand Buyer Touring Agreement that can be used with buyers to comply with new MLS rules. The form has been submitted to Transaction Desk and will be available on the platform in the near future. There is no requirement that you use this specific agreement, and you should seek the guidance of your broker/attorney prior to use.

Settlement Information

More information about the Buyer Touring Agreement and updated Settlement information can be found on our website at https://northstarmls.com/nar-settlement-info/.

For questions about the Buyer Touring Agreement or the Settlement, contact our Rules & Regulations team at rules@northstarmls.com.