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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

Compensation and Cooperation –Broker to Broker

Revised

Small revisions throughout, no significant substantive changes

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

Resolution Addendum

Revised

Same changes as made to Form 2101

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.

Buyer Broker Agreement Termination Addendum

New

Terminates the Buyer Broker Agreement

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.

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


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