The powerful National Association of Realtors has agreed to eliminate rules on commissions to settle lawsuits in which sellers accused it of running up fees, in what will be a massive change to the housing market and real estate industry.
The NAR announced it was settling the lawsuits on Friday, agreeing to pay $418 million in damages. The move has implications for the real estate world and is expected to cause the cost of selling a home to drop.
The settlement effectively ends commission rules that have been in place since the 1990s that were being challenged in court. The NAR, a powerful trade group, has been in the spotlight because of the lawsuits.
“NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers,” NAR
Read more…
