National Association of Realtors Settles Lawsuits, Sparks Major Changes in Real Estate Commission Policies

Jacksonville, Florida – The National Association of Realtors (NAR) is making significant changes to its real estate policies following a series of lawsuits relating to the setting of agent commissions. The NAR recently agreed to pay $418 million in order to assist home sellers. One of the key changes involves the responsibility for paying the buyer’s agent. Under the new policy, the buyer will be required to pay their own agent unless the seller agrees to do so. Another notable rule modification is the prohibition on disclosing the amount of money agents receive for selling … Read more

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

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

Berkshire Hathaway Energy Joins Lawsuit Accusing National Association of Realtors of Conspiring to Keep Real Estate Commissions High Nationwide

KANSAS CITY, Missouri – In a lawsuit filed on Monday, Warren Buffett’s Berkshire Hathaway was named as a defendant alongside several brokerages and the National Association of Realtors. The suit alleges that these entities conspired to artificially inflate real estate commissions across the nation. The addition of Berkshire Hathaway Energy to the case, which owns HomeServices of America, could potentially increase the financial exposure of the conglomerate. HomeServices was previously ordered to pay $1.78 billion in a similar antitrust lawsuit, a verdict that they plan to appeal. The complaint specifically accuses Berkshire Hathaway Energy of … Read more

Northern Michigan Realtors Emphasize Transparency and Good Faith Amidst $1.8 Billion Real Estate Lawsuit

Traverse City, Michigan – A recent $1.8 billion real estate lawsuit has sparked discussions about potential changes in the way real estate transactions are conducted. In the case of Sitzer v. The National Association of REALTORSĀ® (NAR), the initial judgment ruled in favor of home sellers against NAR and several major brokerages, alleging conspiracy to artificially inflate agent commissions. While the lawsuit is being appealed, the possibility of a different fee structure for agents has emerged. This could include options such as decoupling the fees or implementing a fee-for-service or referral fee model. Local real … Read more