NAR Announces Settlement Agreement
On March 14, the National Association of Realtors® revealed a proposed settlement agreement aimed at resolving litigation concerning claims brought by home sellers regarding broker commissions. The agreement, if approved, would bring an end to claims against NAR, encompassing over one million NAR members, all state/territorial and local Realtor® associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume of $2 billion or below in 2022. It’s important to emphasize that current practices will remain unchanged for the time being. Anticipated changes, pending approval, are slated for implementation in mid-July. NAR anticipates that the approval process will span several months or longer.
Here are resources provided by both the National Association of REALTORS® and the Pennsylvania Association of REALTORS® with factual information on the settlement agreement.