Real estate transaction reports

NAR Settles Antitrust Lawsuit, Overhauls Commissions in Mid-August

May 4, 2024, 12:54 PM

The National Association of Realtors (NAR) has reached a preliminary settlement in an antitrust class action lawsuit challenging its commission structure, with changes set to take effect in mid-August. NAR chief legal officer Katie Johnson announced that the settlement introduces procedural adjustments, including a requirement for all homebuyers to sign a broker agreement before viewing properties. Additionally, starting this fall, seller's agents will no longer be mandated to offer commissions to buyer's agents. This shift could significantly alter the dynamics of real estate transactions, impacting both buyers and sellers.