Starting on August 17, sweeping changes in the real estate industry will require buyers to sign a form before agents can show homes, changing long-standing commission practices.
The settlement addresses a lawsuit from Missouri home sellers, who argued that N.A.R. and associated brokerages violated antitrust laws with inflated commission fees.
Agents will no longer be allowed to offer commissions through online Multiple Listing Services, cutting off a longstanding channel for communication about agent payments.
With the new written agreements, buyers will know in advance what they are expected to pay their agents, moving away from decades-long standardized commission models.
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