Important Notice Regarding Compensation
Commissions, fees, and all compensation for real estate brokerage services are fully negotiable and are not set by law. Neither the Minnesota Real Estate Commission nor any other government agency sets or requires specific commission rates. All compensation is determined solely by written agreement between the broker and the client.
Minnesota Law Requirement (Minn. Stat. § 82.66): Notice: The compensation for the sale, lease, rental, or management of real property shall be determined between each individual broker and the broker’s client.
Post-NAR Settlement Disclosure (Effective August 17, 2024): This brokerage fully complies with the National Association of REALTORS® settlement. Offers of compensation to buyer brokers are no longer allowed on the MLS. Any cooperative compensation is fully negotiable between the parties. Brokerage services are never free unless no compensation will be received from any source. All compensation terms are subject to negotiation.
For Sellers / Listing Agreements: The seller and listing broker will negotiate and agree upon the compensation to be paid to the listing broker. Any offer of compensation to a buyer’s broker or cooperating broker is fully negotiable and requires the seller’s prior written approval. The seller has the right to negotiate and refuse any proposed cooperative compensation.
For Buyers / Buyer Representation Agreements: The buyer and buyer’s broker have agreed upon the specific amount or rate of compensation the buyer’s broker will receive. This compensation is objectively ascertainable (for example: a fixed fee, a specific percentage of the purchase price, or another clear method) and is fully disclosed in this agreement. The buyer’s broker will not receive compensation from any source that exceeds the amount or rate agreed upon with the buyer.