On Friday, March 15, 2024, the New York Times released a
news item indicating that the National Association of Realtors had reached a
settlement agreement regarding the commission lawsuit.
This report and subsequent items released by other news outlets and podcasters related a host of scenarios on the impact of
this settlement.
One line in the whole New Times story states that a federal judge still had to sign off on the agreement. The upshot of this
statement is that the basic outline of the terms of the settlement were in principle acceptable for this time. The settlement put a halt to NAR's efforts to appeal the verdict in the trial.
Moving forward could there be modifications to the terms of the settlement? Yes, is the simple answer. The final terms of the settlement are anticipated by mid-July 2024.
Now is the time for realtors to educate
their clients - both sellers and buyers - to the basic principles of this settlement. How efforts are forthcoming to change the way commission fees are negotiated. (Commission fees have always been negotiable.)
This is a story whose end is still being
written and as final details are made known smart realtors will have pre-positioned themselves to seamlessly move forward.
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