Overview of Settlement:

Update: Through the preliminary settlement approval process, we now know the earliest date of class notice is August 17, 2024.

• Overview of Settlement: A proposed settlement has been reached between NAR and plaintiffs to address claims related to broker commissions in residential real estate transactions.

• Release of Liability: The settlement offers a release from liability to NAR, over one million NAR members, all REALTOR® associations, association-owned MLSs, and smaller brokerages with transaction volumes below $2 billion.

• Preservation of Consumer Choices: The settlement preserves consumer choices regarding real estate services and compensation, emphasizing the importance of negotiation and consultation with real estate professionals.

• New MLS Practices: NAR has agreed to implement new MLS rules prohibiting offers of compensation on the MLS, slated to take effect in mid-July 2024. This change supports the transparency and fosters off-MLS negotiations.

• Importance of Written Agreements: The settlement underscores the requirement for written buyer representation agreements, ensuring clear communication of services and fees before property touring, effective mid-July 2024.

• Continued Support and Value: NAR reaffirms its commitment to leading the industry forward, providing support and delivering value through exceptional learning resources, research, and advocacy.

• Strategic Future Planning: The settlement represents an evolution for NAR, demonstrating responsiveness to industry needs and consumer protection advocates.

• Legal Clarity: The settlement is designed to bring clarity and closure to litigation, securing a path for NAR and its members to move forward constructively.

• How It Affects Buyers and Sellers: Home buyers and sellers will continue to have choices in how they approach real estate transactions, highlighting the adaptability of real estate service models.

as of 4/18/2024 per NAR website