Buying a house A recent lawsuit settlement is expected to bring major changes to the residential real estate market, a development some are calling historic.
Fox 9 reported Friday that the National Association of Realtors (NAR) said the organization will pay $418 million in damages while also eliminating rules on commissions in order to settle the antitrust class action lawsuits, a move that still needs a judge’s approval.
Attorney Marisa Katz told the outlet it was an exciting development that will produce big changes in the way real estate brokers are compensated.
Right now, sellers pay realtors five to six percent commission and the agent shares that with the buyer’s agent.But, the report continued, “Critics have said that the policy kept commissions artificially high.” Katz explained that buyers will now pay their agents while both buyers and sellers will be able to determine a commission amount with their agents, possible negotiating a […]
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