At listing entry, the dollar and percentage amount fields is no longer displayed. (The optional Concessions Yes/No field remains.)
	At close, the Amount Paid by Seller Towards Buyer’s Broker Costs is no longer displayed. You may enter this amount (if any) in the field Amount Paid by Seller Towards Closing Costs.
	Descriptions have been added next to each of the final concession fields at close to clarify how each field should be used.

 *Note: The "Total amount paid by seller towards closing costs" is an automatic field that includes the sum of the 3 fields above. It appears greyed out and does not have a description because it is not an editable field.  

3 Things to Know About Seller Concession Fields

1. They are optional and not new to Bright listing entry.

The new concession fields are optional. The listing entry fields can be used based on your client’s instructions. Subscribers have routinely entered concession offers into the remarks fields, communicating various concessions in price. These new fields simply make it clearer and better organized to present that concession information. You still may add any concession information in the remarks in addition to these optional fields, or instead of them.

After closing, you can opt to enter specifics about the concessions that were agreed upon. Concession fields have been available at close in Bright listing entry for years. These fields continue to be used to document final negotiations between a buyer and seller based on the deal that closed.

2. They may not be used as compensation fields.

Seller concession fields may not be used to communicate compensation information. To comply with the terms of the NAR settlement, compensation fields have been removed from Bright and all our reports and information. Using concession fields to communicate compensation information violates the court-ordered settlement terms.

As Bright is responsible for ensuring NAR settlement compliance, we must enforce a zero-tolerance policy for misuse of concession fields. We do this in two ways:

1. Provide warnings in Listing Management for words that are related to compensation and other immediate fine words. This gives you an instant reminder to update your listing appropriately.
2. Issue fines for violations. If the warnings are not adhered to or the information is presented in a way that is not flagged, you will receive immediate fines for compensation information on your listing. 

3. They are negotiable.

Concessions stated in the MLS may not be limited to or conditioned on the retention of or payment to a cooperating/buyer broker. They are subject to negotiation between a buyer and seller. In addition, each broker representing a buyer must negotiate with their buyer client to agree on the amount the broker may earn in the transaction. A broker or agent may not steer their buyer clients based on the amount being offered to them or the identity of the listing brokerage.
 

Review Recent Policy Changes

Additional Bright policy changes launched on August 14. These include:

• Removal of compensation fields
• Removal of time limit on Coming Soon status
• Clarification that the MLS Entry Date must be within 2 days of the listing term beginning, which is the first date any potential buyer may learn about the property
• Requirement of the new disclosure form

Learn important information about the NAR settlement and associated Bright policy and rule changes at an upcoming webinar. Sign up