The National Association of Realtors (NAR) will eliminate its standard 5% to 6% sales commission as part of a $418 million settlement with home sellers.
The powerful real estate organization announced in a press release that it has agreed to pay $418 million in damages to resolve several lawsuits from home sellers. The lawsuit alleged that NAR’s fee rules forced home sellers to pay excessive fees. According to the New York Times.
“NAR has worked for many years to resolve this litigation in a manner that benefits our members and American consumers,” NAR Interim CEO Nikia Wright said in a statement. “It has always been our goal to preserve consumer choice and protect our members as much as possible. This settlement accomplishes both of those goals.”
NAR has agreed to eliminate the compensation sharing system at the heart of the lawsuit, and the settlement is likely to lead to significant reductions in home sales fees.
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