Heads up, homeowners and Realtors! There's been a settlement in a big lawsuit about how real estate agent fees work. Here's the gist:
The National Association of Realtors (NAR) has agreed to shake hands on a deal that has the power to reshape the traditional model of real estate commissions in the United States.
By settling various antitrust lawsuits, NAR has consented to pay $418 million in damages and to eliminate rules that have long dictated commission structures, including the standard 6% sales commission on home transactions.
That’s huge to anyone selling their home
You can still choose how you pay your Realtor when you buy or sell a house. However, those online listings of houses (MLS) won't show how much the realtor gets paid anymore but you can still talk to them directly about it. Plus, Realtors who help you buy a house will need a written agreement with you now.
But if you’re about to put your home on the market, go into any deal with an agent expecting some hiccups.
“This will be a time of adjustment, but the fundamentals will remain: buyers and sellers will continue to have many choices when deciding to buy or sell a home, and NAR members will continue to use their skill, care, and diligence to protect the interests of their clients,” said Kevin Sears, NAR President, in a statement.
ConsumerAffairs will report more on this news as it develops.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-03-15 15:17:27
