National Association of Realtors Agrees to $418 Million Settlement in Antitrust Lawsuit

The National Association of Realtors agreed to a $418 million settlement in an antitrust lawsuit last week. While it may take time for these changes to materialize, here's what to consider if you're entering the housing market this year. The NAR's multiple listing service, or MLS , used at a local level across areas in the U.S., facilitated the compensation rates for both a buyer's and seller's agent s.

At the time of listing a property, the home seller negotiated with the listing agent what the compensation would be for a buyer's agent, which appeared on the MLS. However, if a seller was The proposed settlement would have the commission offer completely removed from the NAR's system and home sellers will no longer be responsible for paying or offering commission for both the buyer and seller agents, said real estate attorney Claudia Cobreiro, the founder of Cobreiro Law in Coral Gables, Florida. "The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation," the NAR Settlement process 'can take some time' If a settlement agreement is accepted within a lawsuit between two people, the court generally won't look at the settlement. Yet, in a federal class-action lawsuit, one that affects a large number of people, there will be a period for the court and interested parties to review the settlement and offer commentary and feedback on the agreement, Cobreiro sai

National Association Of Realtors Settlement Antitrust Lawsuit Commission MLS Buyer's Agent Seller's Agent Home Sellers Compensation

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

National Association of Realtors to pay $418 million to settle real estate agent commission lawsuitsClaims homeowners have been unfairly forced to pay artificially inflated agent commissions
Source: abc15 - 🏆 263. / 63 Read more »

National Association of Realtors approves $418 million settlementRob Wile is a breaking business news reporter for NBC News Digital.
Source: NBCNews - 🏆 10. / 86 Read more »

National Association of Realtors to Pay $418 Million in Damages and Eliminate Commission RulesThe National Association of Realtors (NAR) has agreed to pay $418 million in damages and eliminate its rules on commissions as part of a court settlement. This settlement, resulting from numerous lawsuits, is expected to bring major changes to home sales and savings to home sellers nationwide.
Source: FOX26Houston - 🏆 448. / 53 Read more »

Realtors group to pay $418 million to settle litigation over broker commission feesThe settlement will fundamentally change how homes are bought and sold by removing the assumption that buyers’ and sellers’ agents will split a 5-6% commission on home sales, which had …
Source: chicagotribune - 🏆 8. / 91 Read more »

How new Realtor commission changes will impact selling your homeNew rules for Realtors around the nation could mean changes for homebuyers and sellers after a $418 million settlement against the National Association of Realtors.
Source: ksatnews - 🏆 442. / 53 Read more »

National Association of Realtors settles $418M lawsuit that will eliminate 6% commission feesSellers and buyers will now be able to negotiate commissions with their brokers.
Source: fox5ny - 🏆 587. / 51 Read more »