On March 15, 2024, NAR announced a settlement to resolve claims arising from home sellers related to broker commissions. Under the terms of the agreement, NAR would pay $418 million over approximately four years. NAR has agreed to exclude information relating to compensation within the multiple listing service. In addition, the settlement requires MLS participants working with buyers to have written representation agreements. The settlement preserves the choices consumers have regarding real estate services and compensation.
According to NAR, this settlement would mean the end of lawsuits with these types of claims filed across the nation if approved by the courts.
NAR stated that this resolution would release most NAR members and many industry stakeholders from liability in these matters. Even with the settlement, cooperative compensation remains a choice for consumers when buying or selling a home.
For details and FAQs about the NAR settlement, visit competition.realtor. Texas REALTORS® will continue to provide updates at texasrealestate.com/lawsuit and in other association communications.