Promotional consumer-facing PDF (webinar summary) from 72SOLD outlining major regulatory and marketplace changes to real-estate agent commissions following a federal class-action trial. It explains the prior practice (seller-paid ~5–6% with buyer agents often receiving ~2.5–3%), reports a unanimous jury verdict on Oct 31 that led to settlements and new rules effective August 17, and lists concrete changes: MLSs (~500 affiliated with the NAR) will stop allowing offered buyer-agent compensation in MLS, procuring-cause rules will be eliminated, written buyer representation agreements will be required, and private (off-MLS) offers may still occur. The document describes expected benefits for buyers and sellers (more transparency, less steering, lower seller costs) and links to a 72SOLD consumer webinar at 72NEWLAW.COM.
Questions this document answers
October 31 (year implied as 'last year' relative to the document).
August 17 (year not restated in this chunk).
Approximately 5%–6% paid by sellers.
Approximately 2.5%–3% (about half of the 5%–6%).
Roughly 500 MLSs.