A bombshell court ruling in the real-estate industry could affect anyone buying or selling a home. A jury has decided that realtors have been conspiring to keep their commissions high.
The jury found the National Association of Realtors is liable for $1.8 billion in damages for controlling the Multiple Listing Service or MLS and for requiring home sellers to pay both the buyer and seller brokerage fees in a single transaction.
Ketchmark, one of the lead attorneys in the missouri class-action case, spoke to CNBC:"There's no reason that home sellers should be forced to pay a buyers agent. It doesn't happen around the world. The only reason it's happening here is because the National Association of Realtors and these corporate real estate companies are enforcing this rule. It's not right and it's against the law.
"When you're going to buy a house, it's reversed. You get a free ride one time and the other time you get to pay."
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