Here’s a summary of what the settlement is about:
There were a series of class-action lawsuits that alleged that the NAR’s compensation rules violated antitrust laws. NAR continues to deny that there was any wrong doing, but they settled to put the claims to rest for over one million members and other parties.
These are some of the changes that came out of that settlement:
- Agents can no longer offer buyer agent compensation in the MLS. This is now done at the time an offer is made, or between agents prior to an offer.
- Agents must have written agreements with buyers before showing them a property.
- Sellers can continue to offer concessions for buyers closing costs.
- The settlement went into effect on August 17th, 2024.
Many of the forms that we use were changed to incorporate the new way of doing business. Other than that it’s business as usual! 🙂
Below are PDF flyers from the National Association of Realtors that you can view and/or download for more information on what the settlement means for you. If you have any questions feel free to reach out to us.
