Midwest Real Estate Data (MRED) will opt in to the lawsuit settlement reached by the National Association of REALTORS® (NAR) that is set to take effect Aug. 17. 

The settlement by NAR will remove buyer’s agent commissions from the MLS and require written buyer’s agent agreements, among other changes. 

In a message on its website, MRED said it will update its policies and documents to reflect those changes. Starting Aug. 17, MRED will remove fields in its MLS that reference buyer’s agents’ compensation, and it will monitor remarks fields, photos and third-party sites that could include messages about buyer’s agents’ compensation.

MRED said it will not change historical data that reference buyer’s agents’ compensation for properties that have already closed or that close before Aug. 17.

MRED recommends that agents prepare for the changes by reviewing current listing agreements and buyer rep agreements to make sure they are in line with the changes. MRED urges agents with questions to consult their brokerage or legal counsel.