Realtor Group Agrees to Slash Commissions in Major Settlement
The National Association of Realtors Settlement
The National Association of Realtors (NAR) will eliminate its standard 5-to-6 percent sales commission as part of a $418 million settlement with home sellers.
Addressing Allegations of Excessive Fees
The powerful realtors organization agreed to pay $418 million in damages to settle several lawsuits from home sellers, it announced in a press release.
The lawsuit alleged that the NAR’s commission rules forced home sellers to pay excessive fees, according to The New York Times.
Impact on the Real Estate Market
The settlement will likely lead to a significant drop in commissions for home purchases and sales, with the NAR agreeing to drop a compensation-sharing system at the core of the lawsuit.
Nykia Wright, the interim CEO of NAR, stated, “NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers.”
Developing
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