Recent legal settlement means big changes for real estate transactions

Author: Therese McDevitt, Gulfshore Business
Published: Updated:
Credit: Getty Images

For those buying or selling real estate and agents representing them on either side of the transaction, the landscape changed dramatically in May when the National Association of Realtors settled several class-action lawsuits over its compensation rules for sellers’ and buyers’ agents.

As part of the settlement, which went into effect in mid-August, NAR agreed to pay $418 million in damages and change how agents and realtors are compensated. That also means big changes for both sellers and buyers.

Under the new rules, sellers are no longer automatically required to cover the costs of agents’ fees for buyers, according to the NAR, while buyers must sign contracts before touring a property.

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