MRED Blog

REinventing MLS

Offers of compensation on net: MRED policy update information

MRED is implementing changes to its offers of compensation on net policy. Beginning May 10, the below rule will go into effect:

“Net”: As a percentage of the net sale price in the initial contract, reduced thereafter only by an agreed reduction in the amount to be paid by the buyer due to a subsequent appraisal. The net sale price is defined as the gross sale price minus amounts to be credited or paid to the buyer, as reflected in the initial sales contract.

The change was made in response to subscriber feedback seeking clarity in situations where an appraisal comes in at a lower price than that which is stated in the initial sales contract.

Click here for more details on this policy change.

Have comments on the policy? Email us at policychange@mredllc.com.

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