Here are some key facts related to the settlement and impacts on REALTORS® in Virginia.

Please note, this is a living website and will be updated as there is more information.

Any changes to business practices or advice on what you should do should come from your broker and/or legal counsel that represents you.

What’s New in Virginia

  • Commission sharing should be communicated directly between agents via phone, text, or email, not through any MLS or REALTOR® Association affiliated websites or platforms.
  • Buyer agents cannot accept any funds, from any source, in excess of what is agreed upon in the Buyer Brokerage Agreement. This is a new change in practice based on the terms of the Settlement Agreement.

Existing Practices in Virginia

General Info

The Settlement Agreement is currently pending approval by the court later this year and the agreement could change.

These rule changes will take effect no later than August 17, 2024. However, you may see changes in forms and MLSs leading up to that.

The Settlement Agreement requirements related to having a written buyer brokerage agreement is not a change in VA. Virginia has had required buyer brokerage agreements since the mid-1990s.

Virginia REALTORS® offers several brokerage agreements that you can use:

The Virginia REALTORS® Standard Forms library is available on our website and in 8 forms platforms, such as SkySlope.

Virginia REALTORS® has updated our Standard Forms to comply with the provisions of the Settlement Agreement. To see the changes to the forms, you can view the redline versions here: Forms Updates.

Listing brokers are still allowed to share compensation with a buyer broker with written seller consent. (EXISTING PRACTICE)

  • Commission sharing should be communicated directly between agents via phone, text, or email, not through any MLS or REALTOR® Association affiliated websites or platforms.
  • Virginia REALTORS® Broker Fee Agreement (Form 500) can be used for broker-to-broker commission sharing on specific transactions. (EXISTING PRACTICE)

Sellers can also pay a brokerage fee directly to a buyer broker as a contract negotiated term. This is not a violation of the REALTOR® Code of Ethics(EXISTING PRACTICE)

Buyer agents cannot accept any funds, from any source, in excess of what is agreed upon in the Buyer Brokerage Agreement. This is a new change in practice based on the terms of the Settlement Agreement.


Last updated on July 23, 2024

On Friday, March 15, 2024, the National Association of REALTORS® announced a proposed settlement on a series of ongoing class action lawsuits.

Some of the class action lawsuits have been pending for several years, and the settlement was announced with very little notice. At this time, Virginia REALTORS® is working through what is a very complicated legal document that must still be approved by the court.

“As an association, we are doing our due diligence to ensure that our members will be educated and able to comply with the terms and spirit of the settlement agreement,” says Tom Campbell, Virginia REALTORS® 2024 President.

One of the key rule changes—a requirement for a written brokerage agreement between buyers and their agents—has already been in place in Virginia for nearly 30 years. “Virginia was the first state to formalize buyer agency at the behest of our association, because we believe it is in the best interest of buyers to be represented in what will likely be the largest financial decision of their lives,” says Virginia REALTORS® CEO Terrie Suit. “We have and will continue to advocate updates to the law to ensure that the needs of consumers are being met.”


Webinar #1 Replay

What the NAR Settlement Means for Virginia’s REALTORS®
Recorded: March 28, 2024 at 11 a.m.

Watch the Replay Now

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Webinar #2 Replay

NAR Settlement: What you need to know! 

Recorded July 17, 2024

Watch the Replay Now

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