Real estate brokerage company Compass Inc. will pay $57.5 million as part of a proposed settlement to resolve lawsuits over real estate commissions, the company said in a regulatory filing Friday.
The New York-based company also agreed to change its business practices to ensure clients can more easily understand how brokers and agents are compensated for their services, according to the filing with the Securities and Exchange Commission.
Among the policy changes Compass agreed to make, the company will require that its brokerages and their agents clearly disclose to clients that commissions are negotiable and not set by law, and that the services of agents who represent homebuyers are not free. It also agreed to require that its agents who represent homebuyers disclose right away any offer of compensation by the broker representing a seller.
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