NAR Settlement Resources
As you have likely seen and will continue to see, news about NAR’s Settlement for the Class Action Lawsuits.
CHICAGO (March 15, 2024) – The National Association of REALTORS® (NAR) today announced an agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below.
The settlement, which is subject to court approval, makes clear that NAR continues to deny any wrongdoing in connection with the Multiple Listing Service (MLS) cooperative compensation model rule (MLS Model Rule) that was introduced in the 1990s in response to calls from consumer protection advocates for buyer representation. Under the terms of the agreement, NAR would pay $418 million over approximately four years.
Full Press Release
The most up-to-date and reliable information on the Settlement is provided through NAR. We have included those links below, as well as additional resources from Virginia REALTORS® and Bright MLS.
NAR Resources:
NAR Written Buyer Agreements 101
What the NAR Settlement Means for Home Buyers and Sellers
Window to the Law: Settlement Facts Videos
Understanding & Navigating Upcoming Practice Changes Presentation
Broker to Broker Agreements 101
Consumer Guide: Open Houses and Written Agreements
Consumer Guide: REALTORS’® DUTY TO PUT CLIENT INTERESTS ABOVE THEIR OWN
Consumer Guide: Negotiating Written Buyer Agreements
Consumer Guide: Why Am I Being Asked to Sign a Written Buyer Agreement?
Consumer Guide: What Veterans Need to Know About Buying a Home
Consumer Guide: Offers of Compensation
Consumer Guide: Seller Concessions
VAR Resources:
NAR Settlement Resources – Virginia REALTORS®