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Q: What if I have a buyer under contract for a property where compensation was offered through the MLS, but the property won’t close until after the rule changes take effect for my MLS, will I be paid?

A: As we all wade into the new practice changes together, you can probably imagine that an attorney will tell you to get it in writing, regardless. If you haven’t already done so, please memorialize the compensation offered—don’t rely on the MLS like you have in the past. This is because when compensation is offered in the MLS, it creates a contract based on MLS rules and the Code of Ethics. Without compensation offered in the MLS at settlement, it’s possible that an arbitration panel or judge would say that there is no longer a contract.

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