Commissions on home sales are negotiable, not mandated by law. Recent settlements in ongoing lawsuits may impact traditional commission structures in the real estate industry, but there are no immediate changes observed in commission rates in New York City.
The Real Estate Board of New York now allows only sellers, not their agents or brokerage, to offer commission payments to buyer's agents. This ruling signifies changes in commission practices, though its direct impact is still uncertain for local home sellers.
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