New York guide

NY MLS Commission Advertising Rules Post-NAR Settlement

Since August 17, 2024, New York MLS systems like OneKey MLS no longer post offers of buyer-agent pay inside listing fields, so as a buyer you have to nail down how your agent gets paid before you start writing offers.

Reading as buyer.

TL;DR

Since August 17, 2024, New York systems like OneKey MLS no longer post offers of buyer-agent pay inside listing fields, so as a buyer you have to nail down how your agent gets paid before you start writing offers. You and your buyer's agent sign a written agreement that spells out their fee, and you can still ask the seller to cover it as a concession in your purchase contract. The seller can still pay your agent — it just has to be worked out off the now, not by checking a listing field.

Before you start — 7 things to know

  • Effective August 17, 2024, New York systems including OneKey MLS removed cooperative compensation fields from their platforms, so you cannot just look up what a seller is paying a buyer's agent on a New York listing.

  • Before your New York agent shows you homes or writes an offer under the post-settlement rules, you sign a written buyer broker agreement that states exactly how your agent gets paid, whether by you, by a seller concession, or a mix of both.

  • Sellers in New York can still agree to pay your buyer's agent, but the offer now has to come through channels like a broker-to-broker call, the listing brokerage's own website, or a seller concession written into the purchase contract — not the field.

  • If the seller's concession in a New York deal fully covers your buyer-agent fee, you pay your agent nothing out of pocket, but if the concession is smaller than the fee in your buyer agreement, you owe the gap unless you renegotiate.

  • Under New York's rules in 19 NYCRR Part 175, your agent has to disclose to you in writing how they are compensated and who they represent, so ask for that disclosure on day one and keep a copy.

  • Because New York agents are not allowed to coordinate buyer-agent compensation rates with other brokerages under federal antitrust law, the fee your buyer's agent quotes is theirs alone — shop around the way you would for any other professional service.

  • If a New York listing agent or seller verbally promises that your buyer's agent will be paid, ask for that promise in writing before you remove contingencies, because verbal compensation promises are a known source of disputes after the settlement.

The timeline — step by step

  1. Interview New York buyer's agents and ask each one how they charge — a flat fee, an hourly rate, or a percentage — since under the post--settlement rules they set their own fees independently.

  2. Sign a written buyer broker agreement with your chosen New York agent that spells out their compensation amount, who pays it, and what happens if a seller concession does not fully cover the fee.

  3. When you find a New York home you like, have your agent contact the listing brokerage directly to ask whether the seller is open to a concession toward buyer-agent compensation, since that info is no longer in the listing.

  4. Write any request for the seller to cover your agent's fee directly into your New York purchase offer as a seller concession, with a specific dollar amount or percentage.

  5. If counter-offers change the concession amount on your New York deal, sign an updated counter or addendum so the final compensation structure is documented in writing before closing.

  6. At closing in New York, confirm on the settlement statement that the seller concession actually flows through to your buyer's agent's brokerage as agreed in your purchase contract.

Common questions

Do I have to pay my buyer's agent out of pocket in New York now?
Not necessarily — you can still ask the seller to cover all or part of your agent's fee as a concession in your purchase offer, but you and your agent have to agree in writing on what you owe if the seller will not cover it.
Why can't I just look up what the seller is paying a buyer's agent on a New York listing?
Because the settlement, effective August 17, 2024, banned any offer of buyer-agent compensation from being shown in listing fields, and OneKey MLS and other New York systems removed those fields to comply.
Can my New York agent tell me what fees other buyer's agents in the area charge?
Your agent can quote their own fee, but coordinating or comparing rates with competing brokerages would violate federal antitrust law, so most New York agents will only quote their own price.
What is a seller concession and how does it cover my agent's fee in New York?
A seller concession is money the seller credits the buyer at closing under the purchase contract, and in New York you can direct that credit toward paying your buyer's agent's commission instead of, or in addition to, paying it yourself.
What disclosure should my New York buyer's agent give me about their pay?
Under rules in 19 NYCRR Part 175, your New York agent must give you a written disclosure that explains how they are compensated and who they represent, and you should keep a signed copy for your records.
What should I do if a New York listing agent only verbally promises my agent will be paid?
Ask the listing agent to put the seller's authorization in writing before you commit, because post-settlement guidance treats verbal compensation promises as a major source of disputes and complaints.

Glossary

3 terms
RECAD — Real Estate Consumer's Agency and Disclosure
The form that lays out, in plain terms, the agency relationship between you and the agent — whether they represent you, the seller, or both.
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

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