New Listing Agreement Form for Florida Realtors Released this Week

The Florida Realtors® new listing agreement form was released this week, giving those within the association just under three weeks to familiarize themselves with the new agreement. 

As of August 17, Realtors will be required to follow practice changes outlined in NAR’s proposed settlement. With those changes, new forms are being created for the majority of associations.  

New Listing Agreement for Florida Realtors

Florida Realtors shared its updated “Exclusive Right of Sale Listing Agreement” with members this week. 

Orlando real estate agent Ken Pozek shared his initial takeaways with BAM:

• No broker compensation in the MLS
• Buyer and seller agent compensation agreement (sections 8-10)
• Showing agreement or BBA (buyer broker agreement)

Other than that, as Pozek puts it, it’s “business as usual.” 

In sections 9-10, the Florida listing agreement spells out how the seller might agree to compensate the buyer’s broker, if they so choose, as well as their listing broker: 

• “9. Notice to Seller Regarding Buyer Brokers: The buyer’s broker, even if compensated by Seller or Broker, will provide services for the buyer. Seller is advised and is aware that Seller may, but is not required to, compensate a buyer’s broker upon closing. Seller may choose to enter into a separate written agreement to pay buyer’s broker or may approve Broker to pay buyer’s broker in accordance with paragraph 10.”
• “10. Compensation ot Buyer Brokers: Brokerage commissions are not set by law and are fully negotiable. Seller approves the following (check all that apply; if no option is checked then option (c) is deemed to be selected):
• “(a) Seller authorizes Broker to offer compensation to buyer’s broker in the amount of….This compensation will be set forth in a separate written agreement between Broker and buyer’s broker.”
• “(b) Seller authorizes Broker to offer compensation to buyer’s broker in the amount of….This compensation will be set forth in a separate written agreement between Seller and buyer’s broker.”
• “(c) No compensation will be offered to buyer’s broker.”

Unlike the Las Vegas forms, the Florida listing agreement does not expressly rule out commission sharing. But neither does it include language allowing for the listing agent to split their commission with the buyer agent. 

The language clearly puts buyer broker compensation in the seller’s court, while also providing space, in Section 15, for “Additional Terms.” Those terms presumably could include additional details on broker compensation, as well as any agreed-upon conditions. 

Stay tuned for more updates on new Realtor forms as they become available. You can count on Byron and Nicole to review the latest newcomers on The Real Word and invite agents to weigh in with their takeaways and concerns. 

The more open discussion we have on these changes—and on how best to serve buyers and sellers in the industry’s new era—the better. 

Read through the full “Exclusive RIght of Sale Listing Agreement” From Florida Realtors below.