Consumer advocates say the National Association of Realtors' legal agreement, if approved, could save buyers and sellers thousands of dollars and lead many buyers to forgo agents entirely. The agreement would eliminate real estate brokers' longstanding automatic commissions, commonly of up to 6% of the purchase price. Buyers and sellers would be able to negotiate fees with their agents up front. If the $418 million legal agreement is approved by a federal court, consumer advocates predict the ranks of real estate agents will thin, further driving down commission prices.
Consumer advocates say the National Association of Realtors' legal agreement , if approved, could save buyers and sellers thousands of dollars and lead many buyers to forgo agents entirely. The agreement would eliminate real estate brokers' longstanding automatic commissions , commonly of up to 6% of the purchase price. Buyers and sellers would be able to negotiate fees with their agents up front.
If the $418 million legal agreement is approved by a federal court, consumer advocates predict the ranks of real estate agents will thin, further driving down commission prices. 'For years, anti-competitive rules in the real estate industry have financially harmed millions,' said Benjamin Brown, managing partner at the Cohen Milstein law firm and one of the settlement's negotiators. 'This settlement brings sweeping reforms that will help countless American families.
National Association Of Realtors Legal Agreement Automatic Commissions Real Estate Brokers Negotiation Fees Federal Court Consumer Advocates Commission Prices Reforms American Families
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 $418M to settle real estate agent commission lawsuitsA powerful real estate trade association has agreed to pay $418 million and change its rules to settle lawsuits claiming homeowners have been unfairly forced to pay artificially inflated agent commissions when they sold their home.
Read more »
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
Read more »
National Association of Realtors Agrees to Radically Change Commission StructureThe 6 percent commission, a longtime standard in home purchases involving a real estate agent, may soon be no more.
Read more »
National Association of Realtors approves $418 million settlementRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
What the National Association of Realtors' settlement meansChristine Romans is the senior business correspondent at NBC News.
Read more »
National Association of Realtors Settles Lawsuits on Sales CommissionsThe National Association of Realtors has reached a settlement in response to lawsuits claiming homeowners have been unfairly charged inflated commissions. The settlement is expected to result in lower commissions and potentially lower home prices.
Read more »