CHICAGO, Nov. 26, 2024 (GLOBE NEWSWIRE) — Today, the U.S. District Court for the Western District of Missouri granted final approval of the National Association of Realtors®’ proposed settlement agreement to resolve class action claims related to broker commissions. The Court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the Court quickly ruled to grant final approval. The Court is expected to soon issue a formal written order.
The settlement secures a release of liability for more than 1.4 million NAR members, all state/territorial and local Realtor® associations, Realtor® Multiple Listing Services (MLSs), NAR’s affiliate organizations and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement also releases MLSs and brokerages that chose to opt-in to the agreement.
“This is an important moment for NAR members, home buyers and sellers, and the real estate industry,” said NAR President Kevin Sears, broker-associate of Sears Real Estate/Lamacchia Realty in Springfield, Massachusetts. “As consumer champions, NAR’s members have been working tirelessly to implement the practice changes required by the settlement and shepherd consumers through this period of transition. The principles of transparency, competition and choice are core to the settlement agreement and empower real estate professionals and consumers to negotiate the services and compensation that work for them.”
NAR CEO Nykia Wright said, “NAR is committed to empowering Realtors® to help home buyers and sellers successfully navigate what is often the most important financial transaction of their lives. Today and every day, NAR is focused on demonstrating the importance of agents who are Realtors® in the marketplace, creating a transparent and inclusive home buying and selling process, and advancing the right to real property for all.”
More information about the practice changes in the settlement agreement can be found at NAR Settlement FAQs. NAR members must adhere to the practice changes in good faith to maintain released status under the settlement agreement. NAR strongly opposes any attempts to circumvent the settlement.
Under the settlement, NAR will also pay $418 million over approximately four years to the settlement fund. Membership dues for 2025 will remain unchanged from 2024.
For complete information about the settlement and the approval order once available, please visit facts.realtor.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.
# #
Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom.
CONTACT: Mantill Williams National Association of REALTORS® 202/383-1128 mwilliams@nar.realtor
