What Does The Recent NAR Settlement Mean For Sellers? malhotraspokaneReal EstateSeptember 2, 2024 The National Association of Realtors recently settled a class action lawsuit regarding how commissions are advertised. What does this mean for sellers? Very little. The manner in which buyer’s agent ...
The settlement stems from a federal class-action antitrust lawsuit, Burnett v. National Association of Realtors et al., filed in Kansas City, Missouri. Last October, a jury sided with the plaintiffs, agreeing that NAR and large brokerages conspired to inflate commissions paid by se...
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...
Due to the National Association of Realtors (NAR) lawsuit settlement earlier this year, as of August 17, 2024, sellers might not be responsible for covering Realtor commissions, both for their selling agent and the agent representing the buyer. Buyers might now need to cover the fees for thei...
Redfin CEO on NAR settlement: People should have a voice in how much a real estate agent gets paid In the meantime, it's "business as usual" for buyers and sellers, Cobreiro said. "There is nothing that agents should be doing differently currently in their ongoing transactions." ...
As top real estate agent Rachel Moussa of Flower Mound, Texas, explains, in most places, “the standard has been for sellers to pay both the listing agent and the buyer’s agent’s commission.” However, as part of the NAR lawsuit settlement terms, buyers are now expected to negotiate ...
The National Association of Realtors (NAR) settled a lawsuit in 2024 that was based on full-service broker commissions. The suit was brought on behalf of home sellers. NAR's settlement prohibits offers of broker compensation on the Multiple Listing Service (MLS) but this agreement would not af...
(NAR)announceda landmark lawsuit settlement that will change the way real estate agent commissions are handled in the future. These changes will “decouple” seller and buyer agent compensation. Industry experts predict that this decoupling will likely lower agent fees and give buyers the ability ...
Transaction costs can change because of shifting industry norms, but in some cases, they are impacted by government or judicial action. For example, a 2024 settlement in a lawsuit against the National Association of Realtors (NAR) proposed eliminating the standard 6% commission rate that was split...
A lawsuit against the National Association of Realtors (NAR) on behalf of home sellers was based on broker compensation and settled in early 2024. NAR agreed to pay $418 million and it has responded by prohibiting offers of compensation on the Multiple Listing Service (MLS). But be aware th...