Changes in the Real Estate Sector in Naples

Recently, the real estate market in Naples has experienced changes in its regulations and the dynamics that must be followed when purchasing a property. These new policy changes will affect not only the state of Florida but the entire country as well.

According to recent statements from real estate agents who are experts in the Naples market, it was revealed that these new rules will represent a significant transformation in the way property transactions are handled in the city. They also point out that these new adjustments will make all future real estate transactions more transparent and equitable for the parties involved.

These changes stemmed from a class action lawsuit that questioned how commissions were distributed between the seller and the agents involved. The plaintiffs argued that the NAR (National Association of Realtors) was informally and unfairly appropriating a percentage of commissions each time a transaction took place in the real estate market in the country.

This U.S. trade association was ordered to pay a large sum of millions of dollars and was forced to eliminate the commission fees that the association imposed each time one of the associated agents sold a property listed on the group’s exchange.

As a result, and because on many occasions the seller offered MLS properties at higher commissions than imposed, the federal government was forced to take control and implement some measures regarding property sales in the country.

According to the ruling, from now on, buyers and real estate agents must sign an agreement before starting the entire sales process, allowing the purchase to have more clarity and transparency for the parties involved. This written agreement must include the services and the agreed-upon commission in a detailed and clear manner.

The ruling and its changes particularly favor the city of Naples, where property sales processes that present significant value in the market require careful attention to detail.

As a consequence, real estate companies have had to work hard to implement new contracts that allow property consumers to have a much clearer understanding of the process and the amount of commission on the sale.

However, the new regulations in much of the Naples real estate sector have not been well-received, as many real estate agents report that this new modality will allow future buyers to view multiple properties without commitment, without being obligated to choose the representative showing them the property.

In this way, no buyer will be limited or obligated to work with a real estate agent unless the buyer submits a special request for a specific type of property, requires the property to have special features, requests one of the properties listed on the MLS exchange, or wants to obtain information about the property such as homeowner association or condominium documents. The situation could be different for these particular cases.

The most significant change brought about by this new ruling is that now the seller and buyer are not required to use a real estate agent to carry out a home purchase process and can choose to do it themselves.

Available Foreclosures:

Napoles: 25 homes available.

Collier County: 40 homes available.

By Elias DaSilva | September 27, 2024