Important Changes to Post-Sale Concession Reporting in SDMLS

We are writing to inform you about how MLS participants can report seller concessions post-sale on SDMLS listings and remain compliant with the proposed NAR Settlement. This procedure is strictly for providing information on closed sales.

Why These Changes?

These changes are being implemented to:

· Improve transparency in real estate transactions.

· Provide more detailed information for accurate property valuations.

How to Report Seller Concessions After the Closing

This section describes acceptable content that can be added to the Post Sale Concessions field. It is highly recommended to include the full concession amount and its breakdown to enhance transparency and provide clearer information for valuation purposes.

When reporting the sale of a property in SDMLS, if you select 'Yes' for Concessions, a free form 'Concession Comments' box will appear. Here, you have the OPTION to provide more detailed information about seller concessions. We suggest using the following format, separating each item with a comma for clarity:

· Full Concession Amount: The total dollar amount of all seller concessions.

· Concessions Breakdown: Itemize the concessions into the following categories:

• Repairs
• Financing
• Closing Costs
• Other

Buyer Broker Fee: SDMLS has chosen not to allow participants to provide a line item for Buyer Broker Fee/ Credit/ Concession at this time due to potential legal ramifications. We are carefully evaluating the situation and will provide further updates as needed. Any Buyer Broker Fee conceded by the seller can be included in the “Full Concession Amount” and can be designated as part of the “Other” category if the listing broker provides a breakdown.

We understand that these changes may require some adjustments to your workflow. We appreciate your cooperation and understanding as we work to improve the SDMLS system for everyone.