Under the settlement, NAR agreed to put in place a new rule prohibiting offers of compensation on listing databases governed by the group, also known as multiple listing services (MLS), to end a series of lawsuits claiming broker commission policies resulted in inflated fees and violated antitrust laws.
While the deal is bound to make the process more complex, Pending CEO Noel Roberts, says it will pave the way for more transparency and negotiations with agency commissions on deals.
Sellers are no longer required to offer compensation to a buyer's agent, disrupting the traditional 5%-6% commission split in which the seller usually covers both the listing and buyer's agent fees.
NAR said these fees have and will remain entirely negotiable between brokers and clients.
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