Posted 3/16/2024, 1:06:00 PM
Realtor Association Agrees to $418M Settlement Over Commissions Lawsuit, Removes Rules on Buyer Agent Fees
- National Association of Realtors agreed to pay $418 million to settle lawsuits alleging rules artificially inflated agent commissions
- NAR will no longer require listing brokers to offer buyer agent compensation upfront
- New rules allow individual sellers to negotiate buyer agent compensation separately
- Buyer agents must now enter written agreements, ensuring buyers understand agent fees
- Changes expected to increase price competition and potentially lower commissions
