New Compensation Riders for Contracts
with Juana Watkins
TRT: 50m 47s
Video Transcription

Juana directly addresses camera:  Good afternoon, Florida Realtors®. My name is Juana Watkins, and I have the honor and pleasure of serving as. Your Vice President of Law and Policy and General Counsel. I am very grateful to all of you for taking time out of your busy schedules this afternoon to join us on this webinar. As we talk about the compensation riders that have been added to the sale and purchase contract. Now, speaking of busy schedules, if you joined us on these webinars lately, you have seen that I am usually preceded on these webinars by members of the most amazing leadership team and the most dynamic CEO on the planet. Unfortunately, President Gia and the leadership team and, our CEO, Margy Grant, are, traveling today. And the one thing that they made it very clear about is that they did not want us to delay getting this critical information out to you so that we can coordinate schedules. Right. We understood that the most important thing, at this critical time in our industry is to make sure that you have the tools that you need, and that you have the information that you need to successfully use those tools.
So, they offer their apologies, but, you have me. So I hope that's enough for you today. Now, a few housekeeping matters before we get into the presentation today, will this webinar be recorded? Yes it will. This information is, is pretty significant. Right. And so we want to make sure that you're able to go back and watch it again and make sure that you are absorbing the information as you're in, negotiations with buyers and sellers who want to make sure that you can refer back to it as you need to. So, yes, this information will be recorded.
And we also will, make sure that we are, doing what we usually do. If you look at your screen, you will see ACG... and excuse me, AGC and Associate General Counsel. So those folks are members of the senior legal team here at Florida Realtors® and they are going to be answering your questions live. So this is kind of our interactive kind of live from the legal hotline as we conduct this webinar today. So please post your questions in the Q&A box, even if we're not able to answer all of them, as we always tell you, we're able to gather that information. As we develop future tools for you. We're able to use that information to understand what it is we need to bring to you to make this pivot in our industry easier for you.
All right. So those are the housekeeping matters. Now I'm going to get into our presentation today. And talk to you about this kind of settlement forms update, from a contract rider perspective. So you have already seen several times this slide. So I'm not going to take a lot of time to talk to you about the antitrust warning. Right. You saw it played over and over again during our intro. So just understand as you are posing your questions in the chat, please refrain from using phrases that might reference your amount of compensation and prices and fees and things like that.
Because this even this webinar will be conducted free of any antitrust types of references or statements that could be perceived as violating antitrust law. So you're familiar with this, but we wanted to give you that quick reminder. Now, let's get to the heart of the reason why we're here today. Contract revisions. So this is this is all about the residential contract for sale and purchase and the changes that we have made in order to try to allow you to, help the buyer and the seller use the contract in a way that can help address the compensation issues that buyers and sellers.
Are, you know, now, faced with struggling with trying to understand as a part of the sale and purchase contract, now that the settlement changes have taken effect. Now, how did we get here? Well, just so you're clear, these changes, the ones that we're going to talk about today, this is a joint effort between the Florida Realtors® and the Florida Bar.

So many of you, you know. You'll hear people refer to. It as the FAR Bar Committee. It's not really the FAR Bar Committee. That's just kind of what we call it. But this is an effort, a Herculean effort, quite frankly, between the  Florida Realtors® and Florida Bar Joint Committee on this committee's been working together for literally 50 years, this year, since 1954, this committee's, 1964, I guess it was this committee spent working together to make sure that you have the best contract, available to you in order to, work through the issues that you face in the transaction. And so, as the settlement was announced, the joint committee sprung into action. And they work together to ensure that the the contract could be used in a way that allowed the buyer and the seller to negotiate issues of compensation.

Now, you know, you've heard me say before, this was not an easy effort. Because the brokers are not parties to the transaction. And so because of that, it's very difficult to define your compensation in an agreement where you are not a party. And so the joint Committee considered all of that and gave due consideration to all of these legal issues, like third-party  beneficiaries and things like that, that, posed difficulties and, quite frankly, challenges in terms of creating this language. But they did not give up. And so, after countless meetings and many, many, hours, over the last couple of months, the joint committee was able to come up with the language that we are going to discuss today. So exactly. Where, where is here?
Where are we? Well, as we talk about this language today, just to kind of frame the context of the use of these forms, if you are in a transaction, if you are working with a client. And you are  at the point of using these riders. Some fundamental things have already happened as a part of the transaction. And I want to I want to get us to that point. I want to explain those fundamental things. That means that a buyer and a seller have come together and are at the point of negotiating the terms of a transaction of a contract. And leading up to that point, separately, in terms of working with the buyer and working with the seller.
Some very significant events have occurred in the transaction. And those events have very specific requirements as it relates to the NAR settlement. Okay. So let's let's drill down on that. So where are we if you're working with these riders. If you're working with the seller, how do we get to the point of dealing with those riders?
Well, let's back up. If you are working with the seller.And you are now looking at the rider. Here's what's happened. A seller has decided to place their property on the market for sale. And for purposes of our discussion today, the seller has decided to place that property on the market with one of our skilled members, one of you, as their listing broker. And as a part of that listing process, the seller and the listing broker have selected a listing agreement. Let's say for purposes of this discussion, they decided that they're going to use the exclusive right of sale listing agreement form. If you've attended our prior webinars and if you haven't, you certainly can refer back to the recordings. You have heard that as a part of that process, the seller and the listing broker have discussed very specifically how the seller might be willing to offer compensation to the buyer's broker. Okay.

Or you've heard that the seller might be willing to offer some form of concession to the               buyer that the buyer can use for any particular purpose. One of those purposes might be that the buyer is willing to pay their agent with that concession. Okay. Another option is the seller is not going to pay any compensation at all. But for whatever would, given whatever path the seller decides to take, the seller and the listing broker have engaged in meaningful conversation about how the seller wants to pay that concession and compensation, assuming they want to offer that payment at all. The one thing that we do know is that if the seller is going to make that offer, they will likely execute a compensation agreement. The listing broker will have presented the seller with one of the two compensation agreements that Florida Realtors® makes available for you to use with the seller. There is the compensation agreement – Seller to Buyer's Broker. And there's the compensation agreement - Seller's  Broker to Buyer's Broker.
Okay, the one thing we also know though, is that there will be no offer of compensation in the Multiple Listing Service. So that sets the stage for how that listing Broker and the seller will be working with this rider. Okay?
Now, how did you get here? If you're working with the buyer? Well, a buyer has decided that they would like to purchase a property, and that buyer has connected with one of our amazing members so that our member can provide professional services to that buyer to assist in the home buying process. Go with me on this journey. We'll get to the riders  in a minute. Now, once it is decided that the buyer is going to work with that particular Buyer's broker. And, and I use the term “work with” because that is the term that is defined in the settlement. Remember, it is a very specific term, where we're not talking about just I'm promoting my services to a buyer. You are going to actually work with that buyer in the transaction. Once it is decided that you are going to be working for that buyer, prior to touring any property. The settlement requires that you will have provided a written Buyer Representation  Agreement with that buyer.
Now, there are a number of required elements to that Buyer broker agreement. And the one thing we know that you have to have in there is the amount of compensation from all sources that you will                         receive for working with that buyer.  Now that is required. Before you ever tour a property with that buyer that you're working with. So this is your first critical take away for using these riders. The writer is not a substitute for you obtaining the necessary written Buyer Representation agreement. With that buyer prior to touring property.
Nor is it a substitute to having that written buyer representation agreement define the maximum compensation that you will receive in working with that buyer. Okay, so from all sources. So keep that in mind. You're... offering this rider is not offering you a substitute for complying with the requirements of a written Buyer Representation Agreement. That must be done. Okay. Now now that we've set the stage on how it is, we've come to be working with this buyer and the seller and how it is we are now encountering the riders. There are two riders that are available for use in the transaction. And these two riders not so coincidentally, happened to be pretty much the same two potential approaches as the compensation agreements that I just discussed. The first is the FF, credit related to Buyer Broker compensation. This is the form where the buyer is going to receive some form of credit or concession, in the transaction that can be used for their buyer broker compensation. The second is GG, this is the rider that deals with the seller's agreement with respect to the Buyer's broker compensation. So again, this is this is a system, so to speak. A segmented one in terms of how we released it. But a system, so to speak, you see the parallels. I hope you I hope you're starting to see the dots connect with the compensation agreements. And with these riders.  So let's deal first with FF. Credit related to Buyer brokers Compensation. Now here's the the screen capture of the form. So let's look at the elements of this document. This deals with as I mentioned the credit given to the buyer. This is a, amount of money that the buyer will receive. You will likely have encountered this because the seller has said, I will agree to pay some form of a concession to the buyer.
Maybe the seller didn't initially say that, but certainly the buyer can still negotiate that with the seller. And the seller is, or, the buyer is asking that the seller give this amount of money, to be used for the buyer’s broker compensation. So let's look at the first section of this document. Buyer has entered into separate Buyer broker Agreement as amended. So again this is not a substitute for the requirements of the settlement that you have a written buyer representation agreement. This is used in conjunction with that form. And that form has not been incorporated herein.  By reference. Why not Juana. Separate parties, who are parties to the buyer broker agreement? The parties to buyer broker agreement, and the buyer's broker. Party to the sale and purchase contract, the buyer and the seller. These are two separately agreed upon documents by separate parties.
So that buyer broker agreement is not being incorporated into this rider. The rider goes on to say at closing, the seller agrees to credit buyer the sum described below, at closing, which for disclosure purposes only the parties agree is related to buyer's obligation under the Buyer Broker Agreement to pay all or a portion of the buyer's broker compensation. So let's let's stop there.
For disclosure purposes. The parties are deciding that this is going to be used for that purpose. The you as brokers are not conditioning it on that. It is the desire of the parties, the buyer, and the seller that the Buyer will use that money or that concession, that credit for that purpose. It is the will of the parties, and it may pay all of what the buyer is supposed to pay, or only a portion of what the buyer is supposed to pay. But whatever it pays will be recorded in the boxes and on the lines specified below. Okay.
Now, the form next says that in the event that the credit described above exceeds the amount allowed by buyer's lender for such contract options, then to the extent permitted by the buyer lender.  The parties are now going to specify what happens to that excess. The first option is the balance of the credit will be paid by Seller directly to buyers broker. Okay.
And that is actually the default provision as well. The second option is the credit will be reduced to the maximum amount allowed by the buyer's Lender. So when you're using this  rider, you need to have a conversation with the parties about what will happen to the excess amount and specify by selecting one of these boxes. In the event that the credit described above exceeds the limit allowed by the buyer broker agreement. Remember, the by a broker agreement says the maximum amount received from all sources for working with that buyer. If it exceeds that limit, then the credit will be adjusted to the amount allowed under The Buyer Broker Agreement. As may be amended. This is important because this form does not amend the Buyer broker agreement. Let's go back.
Who are the parties to the buyer broker agreement? The buyer and the buyer's broker. Who are the parties  to the sale and purchase contract? The buyer and the seller, if we are going to or the hope is to receive more than what is in the Buyer broker agreement. It must be amended. So let's drill down on those issues before we proceed with the rest of the form. I first want to talk about this issue of selecting what will happen to the excess amount. NAR has published a very comprehensive set of frequently asked questions to address some of these issues. And one of the common questions that we receive, often about concessions or credits, where a buyer is receiving a loan, is how that amount will impact the buyer's loan. And so one of the frequently asked questions that, I would encourage you to read are actually several of them. A series of frequently asked questions that relate directly to this issue is NAR FAQ 105 through 107. This whole issue about how a lender will treat this credit is is dealt with in those frequently asked questions.
And so their question says, if compensation is compensation paid by a seller or a listing broker to a Buyer broker considered a an interested party contribution, that is the term that the lender views this as. Is this an interested party contribution. And so NAR has worked with the, the, GSEs to determine how they will treat this amount of money. Fannie and Freddie and FHA, have all looked at this issue. And they specify that limit on how much a seller or broker can contribute to theBuyer.
To pay for services typically paid by that buyer are called interested party contributions. So that's where that term comes from. And what NAR has, has determined based on their work with the GSA's and their research is, is specified here. NAR'sinterpretation of current guidance from them, is that, this does not, impact what the, the, interested party contribution limit. And they do not expect that compensation paid by a seller or a listingBroker to a buyer's broker will become an IPC. So NAR's research and their work, their outreach work shows that this should not have a negative impact on the buyer. Okay, so that is an FAQ that I would encourage you to take a look at. The rest of this form very important.
I want to want to look at this last, line, because it is at the heart of a lot of questions. That we get on the hotline. This is the last part. The rider FF shall not modify the buyer broker agreement. Okay. Remember the maximum compensation as stated in the buyer broker agreement is not changed if you put a different amount in this rider. At or any other compensation agreement made between the seller           Buyer or sellers. Broker and buyer’s broker nothing in this rider  requires that the buyer or the buyer broker provide a copy of the buyer broker agreement to the seller or the seller's broker. Let me read that one more time. Nothing in this rider requires the buyer or the buyer's broker to provide a, a copy of the buyer broker agreement to the seller or the seller's broker. All right.
Keep that in mind because we get that question regularly. The last thing I want to point out to you about the Buyer’s side is the, FAQ number 58. And it deals with the fact that, as I've mentioned, a written agreement that written Buyer Broker Agreement specifies that the participant ... , that is working with the Buyer.  It prohibits you from receiving compensation for broker services from any source that exceeds the amount specified in that buyer Broker Agreement. So when I tell you that you can't write in the contract an amount in excess of what is in the Buyer Broker Agreement and expect to collect, that is the frequently asked question that addresses that directly from NAR. There is a way to amend your buyer broker Agreement and as you all have heard me say. There is a form for that. But it is not this rider. It is the modification to exclusive Buyer broker agreement or showing agreement. And you can use that to modify the buyer broker agreement.
In the event that per the terms of the contract the buyer and the seller negotiate a higher amount than what was agreed to in the buyer broker agreement. All right.  That's FF. Now let's talk about GG, The seller agreement with respect to the Buyer's broker’s Compensation. Right. This is option number two okay. So when you think about the two paths that we've seen, we've talked about concession talked about credit to the buyer.
Now let's talk about a situation where the seller Maybe the listing. Broker have decided that they are going to offer some compensation contractually to the buyer's broker. So this is GG. This is how it looks. And, and let's it's very simple language, short language. But it says a lot. So let's break down the elements of this language. It is a contingency approach. And so many of the riders in the FAR Bar contract approach these different topics from a contingency perspective. And the the Realtor® attorney committee looked at this in so many ways and, and and there was a lot of motivation to land in the contingency space, because we already have so many contingencies that the industry is familiar with how to address a contingency. So GG makes the contract contingent upon and and the parties get to select one of these options.
It's contingent upon the execution of a compensation agreement within a specified number of days. And the default is three days. So it is contemplated that this will be a contingency with a very short turnaround period of time. Obviously, the parties can go longer. It is completely up to them. But the default is three days. Okay, because the thought is this should happen pretty quickly. Quite frankly.
There's probably already a compensation agreement. But in this instance this is contingent upon a compensation agreement. And it provides for two paths. Two philosophies with respect to these compensation agreements. And it allows you to check one. The first is seller's broker and buyers broker.
Executing a compensation agreement.Or seller and buyer's broker executing a compensation agreement. Now you already know what I'm going to say. If only there was a form for that. Oh, there it is. So again I hope you're seeing that the the goal here was to provide you with a system. Forms that could be used throughout the transaction. The same compensation agreement forms.
In other words. You can use whatever forms you'd like because there are different forms available for you. But the hope or the, the, the thought was to keep this simple for you so that if the seller and the buyer decide that they want to use this GG rider, then they could check one of these boxes and then use the compensation agreements that we have for them. Put a pin in that. I'll come back to that in just a minute. Next paragraph. If the compensation agreement described herein is not executed and delivered within the time period. Then the buyer, may, within three days thereafter deliver written notice to the seller terminating the contract and which event the deposit shall be refunded to the buyer, thereby, releasing buyer and seller from all obligations under the contract. Well Juana, but that gives the Buyer a free look. In theory.
Three days is usually shorter than the inspection period in a contract. It is up to the parties to to set those time frames that, that they are comfortable with. Okay. So if, if they want to ensure that this is a very short period of time, then certainly the parties can define that contingency period as long or short as they desire. Okay. And then it goes on to provide that if the Buyer fails to, to, to timely deliver said written notice to the seller, the contingency shall have no further force or effect. So listen, the buyer needs to perform. They don't want to allow their time frame to to pass, without exercising their right to cancel. So if you are, if you are working with the buyer in this transaction, make sure the Buyer is timely performing their obligations under the contract. Now, I said earlier, if only there was a form for that, right?
They're going to select either buyers broker, sellers broker to buyers broker, or seller to buyers broker. Here are the options available to them. If they select it seller to buyers broker. We have a form for that. I'm not going to spend a lot of time going through these forms.  You've heard me go through these forms. They are available for the Parties to use in order to satisfy the contingency that they, agreed to in GG. The parties to the seller to buy a broker contingency is the buyer's broker and the seller.  They would they would execute this same compensation agreement for the property that is subject to the contract. And they would here specify because notice in GG, there's no place to define compensation. In FF, there was a place to define the compensation, the amount in GG, there is no place to define compensation because they need to define the compensation in the separate compensation agreement.
Okay. And that is in this form. If they select the option for the seller's Broker to buyer's broker, again here's the form for that. It is the compensation agreement that we created. And here the parties are going to fill in seller's Broker and buyer's broker. As the parties to this agreement. And the property address that is the subject to the contract that is the, the, the contract property. And they're going to put in the name of the Buyer in this agreement because it is known to the parties at the time of the agreement. They will define the compensation here and execute this agreement within the time frame specified in the Contract. All right. So before I get into Special Considerations here, here's what we've, we've learned. As we built upon these webinars starting with the buyer's broker Agreements or the showing agreements, the property pre touring agreement starting with the listing agreements, there is a system that we hope you will find useful to these documents. The compensation agreements have hopefully woven these documents together. If you find as you are using these we've got we've said this from the beginning that there are ways to make it all the more seamless.
We hope to hear from you, because, these were not rolled out all at the same time. But we do believe that it has given you a start to contract process that will allow you to, define compensation outside of the Multiple Listing Service in a way that gives the settlement compliance that is needed, is consumer friendly to buyer, and seller. And clear to all parties. Special considerations. There are a few things I want to put on your radar. The first thing I want to point out to you is we hear a lot about concerns about code of ethics issues. NAR has published Frequently Asked Question Number 40. Because there are some issues related to the code of ethics as it relates to all of this. Right? We are not used to dealing with compensation in the contract. Prior to this point, our contracts specifically discouraged any effort whatsoever to address compensation in the contract. But, we are we are in this new world and we are starting to, need to address some of these issues, as you saw in the riders. So there is some guidance from NAR. Under standard practice 1616. And one of the things they say is, you know, just the standard of practice 16-16 prohibit the negotiation of buyer broker  compensation in the sale and purchase contract. In the purchase offer.
And that answer is no. You can address these issues in the offer. But notice it says a buyer can always ask. A buyer can ask that the Buyer broker make it a term of the offer. So make sure that any effort to request the use of FF and GG, really the, the idea of the buyer, the decision of the buyer.
Explain to them, as you do in the showing agreement and the buyer Broker Agreement that any of and the Florida Realtors® forms that any agreement by the seller or the listing broker, to compensate the buyer's Broker or credit the obligation by the buyer to pay that offer. That Compensation to, to the Buyer's broker. And, and help them understand that FF and GG is a vehicle in order to assist in memorializing that in the contract. But the buyer should be making that decision. Standard of practice 16-16 prohibits Realtors® from attempting to modify the terms of listings through the offer. And it prohibits Realtors® from delaying or withholding the delivery of a buyer's offer while attempting to negotiate their compensation. So make sure that this is really something the buyer is driving. This is the decision of the buyer. Because that's what standard of practice 16 dash 16 requires. All right.

And another housekeeping matter that I want to bring to your attention.  So a lot of people worked on these forms. And one of the things that we realized, after we deployed the riders. Was that we did not change the contract itself to itemize the riders under Addenda and additional terms. So for now. What I want you to do is to make sure that you check the “Other” box. And if the parties decide to use rider FF or GG, please manually input that election under “Other” check that “other ” box. And insert FF or GG, whichever one the parties select into that manual. “ Other ” box into the form. We will be updating that as soon as possible. There's one more consideration. I would like to, give to you. So the contract used to specify, A reference at the end, just before we Identify the broker is. Used to refer to the MLS offer of compensation. That language has been removed under  the broker paragraph. That last sentence of the contract now states that the contract shall not modify any offer of compensation made by seller or listing Broker to cooperating brokers. Okay. That is consistent with the language that is in the rider. It is not designed to amend the previous Buyer broker Agreement or listing agreement. So make sure that that is clear, to your customers. And what about the “crisp” (CRSP)? We hear you. We hear you loud and clear.  The FAR Bar Committee. The Forms Committee. Excuse me. The Florida Realtors® Forms Committee will be meeting this week to finalize, hopefully, some solution to, the. Florida Realtors® CRSP contract to offer an option similar to FF and GG for the CRSP. In the meantime, on the Law And Policy section is working on a temporary solution for you that we hope to deploy for you in the coming days. So, stay tuned to, that because we would love to be able to announce something, in a matter of days. For those of you using the CRSP. Tools and Resources.
Now, I've gone over this section before, and I wanna let you know that there's there's some new items that you probably need to consider for taking a look at. Our Florida Realtors® website has been updated regularly since this settlement passed, and we will continue to update this website. So if you have not been to the website lately, please go.
Please regularly visit the website because things are changing rapidly. Forms are still being created, amended. So please make sure you go to that website website on a regular basis. We are continuing to offer these webinars. We hope that you will take advantage of them. I will tell you that, we will certainly be doing webinars, not just about settlement issues, but other issues as well.
Other issues as practice. Those are important. So at the end, I'll give you a little bit of, information about our next webinar.
Settlement factsheet. These are NAR’s tools. They have been regularly updating their information. They're starting to shift a bit from some of the settlement issues to other things. But right now, please take a look at their settlement. Frequently Asked Questions. They are updating those again regularly. They are starting to offer these, kind of cheat sheets or summary sheets.  Buyer Broker One on One. Written Buyer Agreements 101.
These are really simplified ways of explaining kind of best practices for all of you on some of these topics that we are discussing regularly for settlement compliance. So I encourage you to visit NAR's page if you haven't regularly. This one's a little small, but I want you to see that consumer guide is a new issue for NAR.
This is their focus now. They seem to be getting away from some of the legal issues related to the court case and focusing a lot on consumer resources. So some of you are saying Juana, you know, my my customer has questions about. So I really want you to spend a little time on these consumer guides, making sure that you're using the tools that they're putting out to help explain some of these issues to your customers.
So this is another example. Home sellers, here's what the NAR settlement means for you. A similar one for home buyers. These are tools that you can be using at those listing appointments. And when you're presenting buyer broker agreements or showing agreements so that Buyers can better understand what is what the settlement is about and how it impacts the transaction. And again, fostering consumer friendly real estate marketplaces. So NAR is really focusing on this. So please, please, please make sure that you're using this with your customers. And finally windows to the law. You know, one of the things folks that, Juana, can't you tell me what the settlement says about this? I can give you my opinion, and I usually do, but I usually end up calling NAR, why? Because I spent a lot of time saying, you know, who are the parties to this agreement?
The buyer and the seller and who who are the parties to the settlement? NAR and the plaintiffs. Right. So, I even go back to NAR to get their take, their FAQ. Their interpretation, because they're the ones in the litigation. They're the ones before the judge. They're the ones who ultimately get to, to interpret the settlement.
So it is really important for us as we navigate this. I'm always happy to tell you what I think, but I also, make sure that I run things by NAR because they are the party to the settlement. And finally, the timeline. We are rapidly approaching the November 26th deadline for the final approval of this settlement. So as we as we get closer to that, we will keep you posted on any developments with the legal case that may impact, any of this. We don't anticipate any major changes, developments, but we will certainly keep you posted on, things as they develop.
So I said that if any of you have any questions, if any of you have any suggestions, we have tried to develop a system as best we can. But you are the practitioners. We are the lawyers. We need you to tell us if you find that something is not fitting well in the system and not working well for you, please tell us. Email us Legalnews@FloridaRealtors. Juanaw@FloridaRealtors.org Call the Legal Hotline. We want to hear from you. You are the intelligence officers of the Florida Real Estate industry, and we need that information from all of you. Now, I want to thank you for your time and attention today. I want to thank you for joining us on this webinar. I want to invite you to join us on future webinars. If you if you came to the legal update or you you've heard me, do legal updates, recently I have emphasized that we have got to learn... to walk and chew gum at the same time. Now, that's not a legal term. I know, but it means that there are a lot of very important issues happening in real estate in Florida. If you came to the Legal Update, you know, we didn't talk about settlement. We talked about very pressing time, sensitive issues like condo regulations, major deadlines coming up October 1st, December 31st with condos. You heard us talk about Flood Disclosure requirements. That take effect October 1st. For every residential transaction in the state. Right.
So we have been working on forms, lots of forms, and not just for the settlement. I hope that each of you will join us on this coming Friday. There is a webinar to cover those two topics. They are topics of great importance. If you can, please register for the webinar this Friday. Because I don't want any of us to miss the October 1st.changes that relate to flood disclosures and condominium laws. All right. We cannot miss the forest for the trees. All of these things are very, very important.
They are important to our, our to the consumers of this state, to the buyers and the sellers. And they're important to all of you and your businesses. So I want to thank you for your time today. I want to thank you for your patience as we have rolled these things out. I know it has not been the smoothest launch imaginable. I have apologized before and I will apologize again. I thank you to the the Presidential Advisory Group, the forms committee, the realtor attorney committee, every single person in the governance structure that made all of these changes possible. Want a thank you to the
Florida Realtors® management team that comes together and brings all of this to you, I just get to show up and talk. So I want to thank everyone for the Herculean effort that it has taken to get us to this point. Settlement implementation is not over, but we have survived.  What I've callthe Y2K deadline of August 17th. The computers kept running, the transactions kept forming. But we want to make sure that we continue to help you navigate these changing waters. So you all go out. Have a wonderful week and I'll see you all hopefully on.  The webinar on Friday. Bye bye.