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On March 15, 2024, the National Association of Realtors announced that it would settle the lawsuit rather than appeal. The group agreed to change how commissions are paid and to pay back $418 million over four years. [16] The judge presiding over the case granted preliminary approval to the settlement on April 23, 2024. [17]
The DOJ’s filing offered two recommendations: that the settlement remove the requirement for buyer-broker agreements or that the NAR specify to its members that the settlement does not provide ...
A powerful real estate trade group has agreed to do away with policies that for decades helped set agent commissions, moving to resolve lawsuits that claim the rules have forced people to pay ...
The brokerages all settled out-of-court, and in March 2024, NAR settled as well, agreeing to pay $418 million in damages and change some of their longstanding rules. (Final court approval was ...
Lawsuits are shaking the NAR’s grip on America’s real estate fees ... were ordered to pay $1.8 billion in damages to a group of 500,000 home sellers who argued that the groups had conspired to ...
Under the current system, home sellers pay the full commission, usually 5% or 6%, which is generally shared between the agent representing the seller and an agent representing the buyer. Critics ...
The NAR currently represents about 1.6 million Realtors, with 90% of agents cashing in an average commission of 5% to 6% — equal to $100 billion in annual commissions.
NAR, which boasts 1.5 million members, has agreed to pay $418 million in damages to settle a wide range of lawsuits in courts across the nation, including the shocking $1.8 billion verdict awarded ...