MIAMI – Real estate agents and brokers will have new rules starting Saturday as part of the National Association of Realtors’ $418 million settlement.
The seller of the real estate property used to pay a negotiable 5% or 6% commission. Then the agents representing the buyer and the seller usually split it into a 2.5% or 3% commission.
That meant buyers were not on the hook for commissions, but that is changing. Agreements, requiring a buyer to agree to a commission if the seller doesn’t pay, are a requirement before property visits.
NAR settled several antitrust lawsuits agreeing to exclude the commission from the Multiple Listing Service, or MLS, inventory database, and requires agents to discuss the commission up front.
After the U.S. Department of Justice and NAR settled on March 15, Kevin Sears, NAR’s president, released a statement saying there would be a time of adjustment.
“The fundamentals will remain: buyers and sellers will continue to have many choices when deciding to buy or sell a home, and NAR members will continue to use their skill, care, and diligence to protect the interests of their clients,” Sears said.
The final approval hearing for the settlement is Nov. 26.
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