NAR settles commission lawsuits for $418 million

Key Takeaways:

– The National Association of Realtors has agreed to pay $418 million in damages to settle commission lawsuits
– The settlement still needs to be filed in court and approved by a judge
– The settlement brings an end to all litigation claims brought by home sellers
– NAR is banned from establishing rules for compensation for buyer’s agents
– MLSs must eliminate fields displaying broker compensation and there is a ban on requiring agents to subscribe to MLSs
– NAR’s interim CEO, Nykia Wright, stated that the settlement benefits members and American consumers
– NAR joins other real estate companies in settling commission lawsuits

HousingWire:

The National Association of Realtors has agreed to pay $418 million in damages to settle the commission lawsuits. The story was first reported by the New York Times.

NAR’s legal counsel approved the settlement agreement early Friday morning. It has yet to be filed in court. Lawyers for the trade organization told the Times that they anticipate the settlement will be filed in the coming weeks, however it will still be subject to court approval.

According to NAR, this settlement brings an end to all of the litigation claims brought by home sellers.

In addition to the damages payment, the settlement also bans NAR from establishing any sort of rules that would allow a seller’s agent to set compensation for a buyer’s agent. Additionally, all fields displaying broker compensation on MLSs must be eliminated and there is a blanket ban on the requirement that agents subscribe to MLSs in the first place in order to offer or accept compensation for their work.

“NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers. It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals,” Nykia Wright, the interim CEO of NAR, said in a statement. “Ultimately, continuing to litigate would have hurt members and their small businesses. While there could be no perfect outcome, this agreement is the best outcome we could achieve in the circumstances. It provides a path forward for our industry, which makes up nearly one fifth of the American economy, and NAR. For over a century, NAR has protected and advanced the right to real property ownership in this country, and we remain focused on delivering on that core mission.”

With its settlement agreement, NAR joins Anywhere, RE/MAX and Keller Williams in settling the commission lawsuits.

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Property Chomp’s Take:

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One recent news story involving the National Association of Realtors highlights the importance of understanding the impact of legal settlements in the real estate industry. The NAR has agreed to pay $418 million in damages to settle commission lawsuits, a significant development that will have far-reaching effects on the industry.

The settlement agreement not only includes a substantial payment, but also imposes new rules and restrictions on how real estate transactions can be conducted. For example, NAR is now barred from setting rules that determine how much a buyer’s agent can be compensated by a seller’s agent. Additionally, MLS listings must no longer display broker compensation, and agents are no longer required to subscribe to MLSs in order to receive compensation for their work.

This settlement represents a significant shift in the way real estate transactions are conducted, and it is important for industry professionals to stay informed and adapt to these changes. By understanding the implications of this settlement and how it will impact their day-to-day operations, real estate agents can better navigate the evolving landscape of the industry.

In conclusion, the

element in HTML is a powerful tool that can be used to create organized and visually appealing webpages. By staying informed about industry developments like the NAR settlement, web developers and real estate professionals can adapt to changes and continue to provide valuable services to clients.

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