LIBOR Releases New Forward-Looking Forms to Comply With NAR Settlement

LIBOR’s Board of Directors is pleased to announce the release of newly revised forms to comply with certain practice changes required by the recent NAR Sitzer/Burnett class action litigation settlement (NAR Settlement). These new forms not only comply with the NAR Settlement, but they are less complicated and more easily understandable for consumers, while still providing important protections for our members. 

LIBOR strongly believes that its members and consumers will benefit by these simpler forms that were drafted with an emphasis on where the real estate industry is headed. This includes LIBOR’s decision to remove offers of cooperative compensation from its forms. While LIBOR recognizes that making offers of cooperative compensation is not illegal, LIBOR has concluded that its members and consumers are best served by making their own independent choices when it comes to deciding how to address cooperative compensation. LIBOR’s revised forms include information for listing brokers to discuss compensation scenarios with their clients and document information about any concessions the seller is willing to consider; and for buyers to understand that their offers can include a request for the seller to pay any compensation they may owe to their broker.    

LIBOR believes its revised forms are in the best interests of its members and their clients, and they provide members with the best possible tools to ensure their compliance with the NAR Settlement and possible future changes in the real estate industry.

Click HERE to access forms and Frequently Asked Questions (FAQ) to assist members in understanding these new forms. LIBOR will notify members if the FAQ is updated with additional information. 

LIBOR will be holding a free webinar on Thursday, July 25th at 12PM to provide members with an overview of the new forms. Click HERE to register for the upcoming July 25th webinar. If you have questions that are not addressed in our FAQ and that you would like answered during the webinar, please email them to SettlementInquiries@lirealtor.com.

LIBOR will continue to provide free webinars and education courses to assist members in complying with the NAR Settlement and understanding how these forms can be used. 

We will also be working to make these forms available as soon as possible to members who use Instanet through Stratus.

We thank you for your continued support and trust in LIBOR.

ACCESS NEW FORMS AND FAQ