National Association of REALTORS®’s Post

Announced this afternoon: The court granted final approval of NAR's proposed settlement agreement to resolve class action claims related to broker commissions.

The U.S. District Court for the Western District of Missouri has granted final approval of the National Association of REALTORS® proposed settlement agreement to resolve class action claims related to broker commissions. 

As expected, the U.S. District Court for the Western District of Missouri granted final approval of the National Association of Realtors (NAR) settlement agreement related to its cooperative compensation rule. Source: https://lnkd.in/eS-6gHhi #NAR #compensationrule

DOJ comes out against NAR commission lawsuit settlement: The DOJ claims the NAR commission lawsuit settlement’s requirement for buyer broker agreements may stifle broker competition for home buyers. https://lnkd.in/g9Ns3THw #Phoenixrealestate #Arizonahomes #AZrealestate

Key takeaways from the NAR settlement that was just given preliminary approval: * NAR settled for $418 million to be paid over the next four years (a little more than 50% of their net assets) * Compensation will not be listed in MLS's, but it can be listed on agent's websites, social media, and marketing material * Buyer Agency Representation agreements will need to be signed before any showings take place * Final settlement approval is expected at the earliest in November, but changes on MLS's will take place in July of 2024 * Blanket protection applied to lawsuits from home buyers and sellers initiated after the Sitzer case How does this play out for real estate in Colorado? Colorado is one of 17 states that already has a mandatory Buyer Agency Agreement in place, and Listing Agreements separate and detail co-op fees. The direct impact of this settlement will most likely be consistency and transparency on a national level- which is beneficial to all parties involved. Be wary of sensationalized media coverage that promotes "the end of buyer agent commissions". What we are seeing is more demand for buyer representation to accomplish the following: 1. advocate for buyer's fiduciary responsibilities in the ever changing and complex localized markets 2. seller's understand that offering a co-op fee makes their property more attractive to a wider pool of homebuyers 3. working with a buyer's agent increases your chances of a smooth and successful closing What do you think of the settlement changes? Share your thoughts in the comments below. #nar #narsettlement #coloradorealestate #bouldercolorado

The latest development from the FCA on broker commission and the Hopcraft Court of Appeal judgment is a letter to the Supreme Court supporting an expedited hearing of the application for permission to appeal and an indication that it may intervene in any appeal. https://lnkd.in/dFkmB8qW

The Supreme Court of British Columbia ruled that a realtor must surrender profits from a property sale after breaching fiduciary duties by disclosing confidential client information, facilitating a competing bid, and acquiring the property for personal gain. https://ow.ly/ckwI50UJLIO #realestatelitigation #realestatelaw

The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. Read more 👉 https://bit.ly/4cszjxz #BuyingHome #Commissions #CooperatingBrokers #BuyingAHome #MasterPartnersRealty #RealEstateProfession #RealEstateTransactions #RealEstateWorld #RealEstateProfessional #HomeSellersRelated

📢 Important Update for the Real Estate Industry A judge has officially approved the NAR settlement in the Sitzer/Burnett case, granting final approval of the proposed agreement to resolve class action claims concerning broker commissions. This decision marks a significant moment in our industry, emphasizing the need for adaptability and awareness of evolving practices. As a dedicated professional, I believe it's critical for us to stay informed about the implications of this settlement. #RealEstateNews #BrokerCommissions #NARSettlement #IndustryUpdate #ProfessionalGrowth #wareintheworld

Court documents lay out the details of the landmark Sitzer/Burnett settlement, including who’s in (covered parties and opt-ins) and sellers who opted out. #realestatenews #realestate #sitzerburnett #commissions #realestateagents