A powerful real estate trade group has agreed to do away with policies that for decades helped set agent commissions.
Get ready for April 8 by checking out our Total Solar Eclipse page, with everything you need to know for the big day!FILE - A sold sign hangs in front of a Brighton, New York house on Tuesday, February 21, 2023. 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 artificially inflated costs to sell their homes.
The trade group also agreed to require agents or others working with a homebuyer to enter into a written agreement with them. That is meant to ensure homebuyers know going in what their agent will charge them for their services. “It may take some time for the changes to impact the marketplace, but our hope and expectation is that this will put a downward pressure on the cost of hiring a real estate broker,” said Robby Braun, an attorney in a federal lawsuit brought in 2019 in Chicago on behalf of millions of home sellers.
Homebuyers could still ask a prospective home seller for a concession that includes money to help cover the buyer's agent compensation. However, a home seller with multiple offers, for example, could refuse such a request, or opt to go with a bid from a different buyer who isn't asking for such a concession.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
National Association of Realtors to pay $418M to settle real estate agent commission lawsuitsA powerful real estate trade association has agreed to pay $418 million and change its rules to settle lawsuits claiming homeowners have been unfairly forced to pay artificially inflated agent commissions when they sold their home.
Read more »
National Association of Realtors Agrees to Radically Change Commission StructureThe 6 percent commission, a longtime standard in home purchases involving a real estate agent, may soon be no more.
Read more »
National Association of Realtors to pay $418 million to settle real estate agent commission lawsuitsClaims homeowners have been unfairly forced to pay artificially inflated agent commissions
Read more »
National Association of Realtors approves $418 million settlementRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
What the National Association of Realtors' settlement meansChristine Romans is the senior business correspondent at NBC News.
Read more »
National Association of Realtors Settles Lawsuits on Sales CommissionsThe National Association of Realtors has reached a settlement in response to lawsuits claiming homeowners have been unfairly charged inflated commissions. The settlement is expected to result in lower commissions and potentially lower home prices.
Read more »