Homebuyers

New Class-Action Lawsuit Challenges Real Estate Giants Over Alleged Commission Conspiracy Impacting Homebuyers

by

CHICAGO — A lawsuit has been filed in U.S. District Court by homebuyer Matt Cwynar against several real estate brokers, accusing them of conspiring to maintain inflated commission rates in the buyer-agent market. The National Association of Realtors (NAR) is not named as a defendant but is implicated as a co-conspirator alongside affiliated brokerages and multiple local MLSs. The complaint outlines allegations that brokers collaborated to enact anti-competitive practices that artificially raised commission fees, resulting in higher costs for consumers across Illinois and other states. Cwynar contends that prior to recent changes in NAR policies, … Read more

Long Island’s New Homebuyers Secure Protection Against Hidden Perils as Amended State Law Takes Effect

by

Farmingdale, Long Island – New homebuyers in Long Island now have a better chance of avoiding the unfortunate surprises that befell Ryan Schneider. After purchasing a house in 2017, Schneider discovered undisclosed flooding issues that forced him to relocate and shell out $90,000 in repair costs after a major storm last September. To address such concerns, a newly amended state law, passed last year and taking effect now, aims to provide greater disclosure about preexisting conditions of houses on the market. However, some believe that further measures may still be necessary. The 2001 Property Condition … Read more

National Association of Realtors Settles Lawsuit Over Inflated Real Estate Commissions, Potentially Shifting Costs for Homebuyers

by

Chicago, IL – The National Association of Realtors has reached a settlement in a legal battle accusing the organization of artificially inflating real estate commissions. This agreement has the potential to significantly impact the amount consumers pay during real estate transactions. Representing approximately 1.5 million real estate agents across the country, the real estate group has agreed to pay a total of $418 million over the course of four years to resolve multiple cases. In addition to the financial settlement, the association has also committed to making changes to the regulations that critics argue have … Read more