A SETTLEMENT that will rewrite the way many real estate agents are paid in the United States has received preliminary approval from a federal judge.
On Tuesday (Apr 23) morning, US District Judge Stephen R Bough signed off on an agreement between the National Association of Realtors (NAR) and home sellers who sued the real estate trade group over its long-standing rules on commissions to agents that they say forced them to pay excessive fees.
The agreement is still subject to a hearing for final court approval, which is expected to be held on Nov 22. But that hearing is largely a formality, and Bough’s action in US District Court for the Western District of Missouri now paves the way for NAR to begin implementing the sweeping rule changes required by the deal. The changes will likely go into full effect among brokerages across the country by Sept 16.
Read more at News.law
