Have You Reviewed NMAR's Newest Forms?

NMAR announced on April 2 that they had several new and revised forms. This information was shared by NMAR and SCRMLS in our newsletters. The links and information was also posted on the Paragon homepage for over a month.

As we get closer to our deadline to requiring written buyer broker agreements and removing commissions from the MLS... You need to review these forms prior to the SCRMLS August 1 policy and practice effective date so that you will be familiar with the new changes!

These forms can be found in your Instanet or SkySlope forms portal. NMAR is currently working on updating additional forms to comply with the requirements of the NAR Settlement.

Reach out to NMAR members services with any questions 505-467-6307.

Form  #	Form Name	New  / Revised	Changes
1108	Compensation and Cooperation –Broker to Broker	Revised	Small revisions throughout, no significant substantive changes
2101	Price Modification / Seller Credit	Revised	Para. 1(A): Clarified that licensed contractors are only required if required by lawPara. 1(C): Added “Buyer Broker Commissions” to Seller CreditsPara. 1(C): Now provides options –Seller credits disallowed by lender MAY be used to reduce purchase price or MAY NOT be used to reduce purchase price
5143	Resolution Addendum	Revised	Same changes as made to Form 2101
4660	Seller’s Compensation to Buyer’s Broker	Revised	This form was called “Seller’s Bonus to Buyer’s Broker”. It was renamed and small changes were made throughout.
5115	Buyer Broker Agreement Termination Addendum	New	Terminates the Buyer Broker Agreement
1208	Notice to Unrepresented Buyer	New	Used by a listing broker if a buyer does not wish to work with ANY buyer’s broker – not the listing broker and not another buyer broker; or If the listing broker was not willing to represent the buyer and the buyer refused to obtain their own broker to represent them. This form would ONLY be used if the buyer insisted on representing themselves.
2301	Buyer Broker Compensation –Third-Party Beneficiary Addendum	New	May be used by a Buyer and included with a Purchase Agreement if/when the Buyer is requesting the Seller to pay some/all of the Buyer-Broker’s Commission