fact sheet on commissions sttmt law
This PDF fact sheet (created/uploaded by Ginny Bolling) describes a proposed settlement between NAR and plaintiffs to resolve litigation about broker commissions. It explains who is covered by the release (over one million NAR members, all state/territorial and local REALTOR® associations, and REALTOR® association-owned MLSs; brokerages with 2022 residential transaction volume ≤ $2 billion), new rules (offers of compensation may no longer be communicated on MLS; buyer brokers must have written agreements with buyers effective late July 2024), NAR's financial obligation ($418 million payable over ~4 years), and next steps (opt-in actions required by some groups by June 18, 2024; final approval hearing on Nov 26, 2024). The factsheet notes opt-in mechanisms for larger brokerages and non-association MLSs and provides contact and web resources for more information.
Questions this document answers
$2 billion (brokerages with 2022 residential transaction volume of $2 billion or below are released).
$418 million payable over approximately four years.
Late July 2024.
June 18, 2024 (actions required within 60 days as of April 19).
November 26, 2024.