Buying a home in Florida just got more complicated thanks to new rules

New real estate commission rules in Florida will take effect on August 17, 2024, following a $418 million settlement with the National Association of Realtors (NAR). Listing agents will no longer be able to advertise commission amounts on MLS, and buyers must sign agreements outlining payment terms with their agents.These changes may lead to more negotiation on commissions and allow sellers to retain more cash at closing, aligning U.S. rates closer to those in other countries. This marks a significant shift in Florida's real estate practices. For more information, click here.