The recent changes in real estate commission payments have shifted responsibilities, requiring buyers to sign representation agreements, altering historical practices without necessarily reducing overall costs.
The National Association of Realtors was found liable in a class action lawsuit for inflating real estate commissions, leading to a settlement that raises questions about commission structures.
While headlines suggested reduced agent fees following the NAR settlement, the reality is that the responsibility for paying buyer agents now falls directly to buyers, rather than sellers.
Agent commissions, which were historically negotiated between 5% and 6%, will now have a new structure, but many buyers may not see a decrease in total costs.
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