Rob Wile is a breaking business news reporter for NBC News Digital.
The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' long-standing commissions, commonly of up to 6% of the purchase price. Instead, home buyers and sellers would be able to negotiate fees with their agents upfront. If the $418 million legal agreement is approved by a federal court, consumer advocates predict the ranks of real estate agents will thin, further driving down commission prices.
previous version of this article misstated when a federal jury found the NAR and some major brokerages liable for colluding to inflate commission fees. It was in October, not November.
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National Association of Realtors to pay $418 million to settle real estate agent commission lawsuitsClaims homeowners have been unfairly forced to pay artificially inflated agent commissions
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Realtors group to pay $418 million to settle litigation over broker commission feesThe settlement will fundamentally change how homes are bought and sold by removing the assumption that buyers’ and sellers’ agents will split a 5-6% commission on home sales, which had …
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National Association of Realtors to pay $418M to settle real estate agent commission lawsuitsA powerful real estate trade association has agreed to pay $418 million and change its rules to settle lawsuits claiming homeowners have been unfairly forced to pay artificially inflated agent commissions when they sold their home.
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National Association of Realtors Agrees to Radically Change Commission StructureThe 6 percent commission, a longtime standard in home purchases involving a real estate agent, may soon be no more.
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Home buyers to be spared automatic broker commissions under new $418 million settlementThe National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' longstanding automatic commissions, commonly…
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Realtors settlement expected to lower housing pricesWhat you need to know about the National Association of Realtors settlement.
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