Mississippi guide

MLS Commission Advertising Rules in Mississippi Post-NAR Settlement

In Mississippi, the MLS no longer shows what a seller is offering to pay your buyer's agent, because the NAR settlement that started August 17, 2024 banned those offers from MLS fields.

Reading as buyer.

TL;DR

In Mississippi, the no longer shows what a seller is offering to pay your buyer's agent, because the settlement that started August 17, 2024 banned those offers from MLS fields. You and your agent should agree in writing on how your agent gets paid before you tour homes, using a buyer representation agreement. You can still ask the seller to cover your agent's fee, but it has to be negotiated in the purchase contract, not pulled from an MLS listing.

Before you start — 7 things to know

  • Since August 17, 2024, the settlement bans any in Mississippi from showing what a seller will pay your buyer's agent, so you cannot rely on the to tell you the commission.

  • Before you tour homes with an agent in Mississippi, you sign a buyer representation agreement that spells out how your agent is paid and how much.

  • A seller can still agree to cover your agent's fee, but that offer has to be made outside the — usually through your written offer or a separate note from the listing agent.

  • Sellers can advertise a general closing cost concession in the (like '$5,000 toward closing costs'), and you can ask to use that money toward your agent's fee in your offer.

  • Even hidden fields like 'agent remarks' or 'private notes' cannot advertise buyer-agent pay in Mississippi, so your agent should not promise a number based on those fields.

  • If a seller in Mississippi will not cover your agent's fee, you are personally responsible for paying whatever you agreed to in your buyer representation agreement.

  • You can ask your agent to contact the listing agent directly before writing an offer to find out if the Mississippi seller is willing to pay buyer-agent compensation.

The timeline — step by step

  1. Pick a buyer's agent in Mississippi and sign a buyer representation agreement that states exactly how the agent gets paid and the maximum fee.

  2. Before touring a home, ask your agent to confirm with the listing side whether the Mississippi seller will pay any part of the buyer-agent fee, since this is not in the .

  3. When you are ready to write an offer, include any request for the seller to cover your agent's fee right inside the purchase contract.

  4. Negotiate the seller's contribution to your agent's fee alongside price and other terms, since it is now a normal contract item in Mississippi.

  5. At closing in Mississippi, the agreed buyer-agent fee shows up on your closing statement — either paid by the seller as agreed or paid by you if the seller would not cover it.

Common questions

Why can't I see what the seller will pay my buyer's agent on the Mississippi [[MLS]]?
The settlement that took effect August 17, 2024 prohibits any Mississippi from showing buyer-agent compensation, so you have to ask your agent to confirm it directly with the listing side.
Do I have to pay my agent out of pocket in Mississippi?
You only pay out of pocket if the seller does not agree to cover the fee in the contract, so most buyers negotiate for the seller to pay all or part of it inside the purchase offer.
Can a closing-cost credit listed in the Mississippi [[MLS]] be used to pay my agent?
Yes — a general seller concession for closing costs can be applied toward your buyer-agent fee, as long as the did not label it as buyer-agent compensation.
What happens if my agent quotes a commission they 'saw in the [[MLS]]'?
That should not happen in Mississippi after August 17, 2024, because no field is allowed to show buyer-agent compensation; if your agent does this, ask them to confirm the offer through a contract or written note instead.
When do I lock in how my agent is paid in Mississippi?
Before you tour homes, because you must sign a written buyer representation agreement that states the fee amount before your agent shows you any properties.

Glossary

2 terms
NAR — National Association of Realtors
The national trade group for real-estate agents. The 2024 NAR settlement is the legal deal that changed how buyer's agents get paid.
MLS — Multiple Listing Service
The shared database agents use to list and find homes for sale. Most homes you'll see online started here.

Sources

  1. [1]
  2. [2]

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