Real estate brokerage company Compass Inc. will pay $57.5 million as part of a proposed settlement to resolve lawsuits over real estate commissions. The New York-based company also agreed to change its business practices to ensure clients can more clearly understand how brokers and agents are compensated for their services.
FILE - A new housing development is seen from above, Oct. 12, 2022, in Middlesex Township, Pa. Real estate brokerage company Compass Inc. will pay $57.5 million as part of a proposed settlement to resolve lawsuits over real estate commissions, the company said in a regulatory filing Friday, March 22, 2024. Real estate brokerage company Compass Inc. will pay $57.
Among the policy changes Compass agreed to make, the company will require that its brokerages and their agents clearly disclose to clients that commissions are negotiable and not set by law, and that the services of agents who represent homebuyers are not free. It also agreed to require that its agents who represent homebuyers disclose right away any offer of compensation by the broker representing a seller.
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