Three big real estate brokerage firms are heading to court Thursday hoping to finalize sweeping settlements that promise dramatic changes to real estate commissions across the US.The NAR and the real estate firms also agreed to changes in business practices that home sellers and buyers across the country allege are anticompetitive. The NAR , for example, will no longer require a broker listing a home for sale on the group’s MLS databases to offer any compensation to a buyer’s agent.
The Missouri case — the first in a string of similar lawsuits to go to trial — alleged those rules amounted to collusion between NAR and brokerage firms that violated US antitrust law.Michael Downer, a broker with Coldwell Banker in New Jersey and Florida, said the NAR’s conditions created a paywall that incentivized brokers and agents to promote homes that paid higher commissions.
But it now looks like the defendants will pay considerably less. The settlements reached thus far amount to roughly $900 million, and expand the class to 60 times its original size. Laws that govern settlements do permit expanding a class of plaintiffs to a "somewhat" larger group. But the plaintiffs doubt that those rules allow for the group to balloon so far beyond its original size.
Real Estate Brokerage Real Estate NAR Realogy Getty Images National Association Of Realtors Coldwell Banker
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: SooToday - 🏆 8. / 85 Read more »
Source: TSN_Sports - 🏆 80. / 51 Read more »
Source: SaltWire Network - 🏆 45. / 63 Read more »
Source: SaltWire Network - 🏆 45. / 63 Read more »
Source: CBC - 🏆 32. / 63 Read more »