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The settlement reached by the National Association of Realtors (NAR) over real estate agent commissions could end up hurting an already beleaguered group: homebuyers.. The $418 million deal ...
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A landmark agreement would eliminate real estate brokers' automatic commissions of up to 6%, potentially saving home buyers and sellers thousands of dollars.
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full-service broker but this percentage varies by state and even region. [2]
The National Association of Realtors (NAR) is an American trade association [4] for those who work in the real estate industry. As of December 2023, it had over 1.5 million members, [5] making it the largest trade association in the United States [6] including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries.
The Real Estate Settlement Procedures Act (RESPA) was a law passed by the United States Congress in 1974 and codified as Title 12, Chapter 27 of the United States Code, 12 U.S.C. §§ 2601–2617.
Shares of Zillow sank as much as 15% Friday alongside other real estate names after the National Association of Realtors reached a legal settlement that paves the way for homebuyers and sellers to ...
HomeServices of America said Friday that the proposed settlement would shield its 51 brands, nearly 70,000 real estate agents and over 300 franchisees from similar litigation. The real estate ...