The class-action lawsuit was filed in 2019 on behalf of 500,000 home sellers in Missouri and some border towns. The verdict stated that the defendants "conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law." The jury ...
"It will have the impact of reducing commission costs for sellers; it will save money for sellers to the detriment of buyers," he said, adding, "Sellers don't set home prices based on what their closing costs will be," Murray said. "The market sets home prices." While lower or more ...
Changes to the way commissions workwent into effect in 2024 as a result of a lawsuit settled by the National Association of Realtors and several major brokerages. The longstanding commission model of sellers footing the bill for both their own agent and their buyer’s, typically totaling 5 to...
Under U.S. antitrust law, the verdict may be tripled to over $5.3 billion. Immediately after the verdict, another lawsuit was filed in Missouri asserting that the rule requiring home sellers to pay buyer broker commissions violates the Sherman Antitrust Act. According to the ABA Journal and ...
Some agents have been known to lower the commission, but Arends says to give clients her ultimate, she needs to charge the full six percent. "Now here's what Glenn Kelman of Redfin says: 'The price of homes has gone through the roof, pardon the pun, over the last several years. And...
“A big part of the commission lawsuit was about consumer selection, replacing a default path with more transparency and more choice around buyer-agent compensation,” DelPrete said. “The evidence to date doesn’t support the hype around this being a seismic shift in the industry. Consumers st...
NYSAR opposes the NY HEAT Act, as it could expand authorization to the Public Service Commission (PSC) to discontinue portions of the gas distribution system. Additionally, the goal of a 6 percent cap on a ratepayer’s energy burden based on household income does not substantially protect New...
Commission plaintiffs sue Sibcy Cline — and settle for nearly $1M The independent, Ohio-based real estate brokerage will pay $895K to settle a lawsuit known as Keel for its lead plaintiff, bringing the total settlement fund for plaintiffs in the case to $11.5M by Andrea V. Brambila ...
On March 15, 2024, the National Association of Realtors settled a class action lawsuit by homeowners who alleged that the NAR had illegally inflated the commissions charged to realtors. As part of the $418 million settlement, the NAR agreed to stop allowing broker compensation offers on its li...
That document could signal a major shift in the way Americans buy and sell homes. It was mandated as part of a settlement ending aclass actionlawsuit by home sellers against the National Association of Realtors (NAR). In addition to requiring buyer’s agent agreements, the settlement removes ...