Posts from May 1st, 2024
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Real Estate Practices Changing For the Better in July – If NAR Settlement Is Approved By Courts
In March, the National Association of Realtors (NAR) announced it had entered into a settlement agreement with class action plaintiffs in what is known as the Sitzer Burnett case, pending approval by the court. The basis of the suit is rooted in the most common way in which residential real estate is transacted in the country, which is sellers hiring an agent to represent their interest for a professional fee, and then offering compensation to an agent who brings the buyer as an incentive to get their home sold.
More Transparency for Buyers and Sellers
Written Buyer Representation Agreements will be required just as Listing Agreements are required with Sellers. Agreements need to be signed before showing properties. These will provide transparent disclosure of the services provided and fees charged for buyer agent services and option...
