The National Association of Realtors has announced a groundbreaking court settlement that will revolutionize the landscape of home sales in the United States. In a move expected to bring significant savings to home sellers nationwide, the trade group has agreed to pay $418 million in damages and eliminate its rules on commissions, meaning goodbye to the standard 6% commission for real estate agents in the U.S.
The settlement, announced Friday, follows a series of lawsuits against NAR alleging antitrust violations in the real estate industry. The lawsuits, brought forth by plaintiffs including 500,000 home sellers in Missouri and border towns, accused NAR and residential brokerage companies of conspiring to keep commissions for home sales artificially high.
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