The way people buy and sell homes in the U.S. could change this year due to a major class-action lawsuit. Here's what buyers and sellers should keep in mind.
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 agents.
A buyer and seller already in the market is probably not going to be affected by the settlement unless their property happens to be on the market a little bit longer than what's customary, she said. Historically, real estate commissions typically come out of the seller's pocket, and are split between the buyer's and seller's agents.
Doing so would be a breach of their fiduciary duty to the seller, and it affects their commission if the price of the property, she added.
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.
Home buyers to be spared automatic broker commissions under new $418 million settlementThe National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' longstanding automatic commissions, commonly…
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 …
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 approves $418 million settlementRob Wile is a breaking business news reporter for NBC News Digital.
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.
Read more »
4 ways buying a home in D-FW may change after landmark Realtors settlementThe way homes are bought and sold in the Dallas-Fort Worth metroplex may change thanks to a $418 million settlement reached by the powerful National...
Read more »