The National Association of Realtors Settlement
The National Association of Realtors recently reached a settlement in litigation that accused the real estate group of artificially inflating real estate commissions. This significant development could have a substantial impact on the amount consumers pay during real estate transactions.
Details of the Settlement
The real estate group, which represents 1.5 million real estate agents nationwide, has agreed to pay $418 million over four years to settle multiple cases. Additionally, the association has committed to implementing changes to the rules that allegedly supported the 5 to 6 percent commissions paid by home sellers. Despite agreeing to the settlement, the association maintains its stance of denying any wrongdoing.
Statement from NAR’s Interim CEO
According to Nykia Wright, the interim CEO of NAR, “Continuing to litigate would have negatively impacted our members and their small businesses. This agreement, while not perfect, represents the best possible outcome under the circumstances. It paves the way for the real estate industry, which accounts for nearly one fifth of the American economy, and the National Association of Realtors.”
Approval Process
Before the settlement can take effect, it must receive approval from a federal judge.
Stay Updated
This is a developing story and will be updated as new information becomes available.
Read More of this Story at www.washingtonpost.com – 2024-03-15 15:16:43
Read More Latest News
