What happens if I don’t offer a SOC (Selling Office Compensation)?
As part of the changes, NWMLS will revise its listing agreement form to remind sellers that Washington law says that buyers’ brokers and agents are not required to show property for which there is no written agreement to pay compensation to the buyer’s broker. Asked why this was being added, NWMLS said, “When listing their home for sale, sellers in Washington state need to be aware of the legal consequences of not offering a SOC.”
A new provision provides that the broker shall bring listings to the attention of the buyer, regardless of the amount of seller's offer of compensation, unless otherwise agreed by the parties. Similarly, new Rule 106 provides that brokers shall not filter listings sent to buyers based upon the compensation offered to the buyer broker, unless specifically requested by the buyer in a written buyer representation agreement. New Rule 106 also prohibits a broker from filtering listings sent to buyers based upon the listing firm or broker.