The newest lawsuit filed by Illinois homebuyers accuses real estate industry players of participating in anticompetitive practices that inflate broker commissions, harming consumers.
The suit highlights NAR's Participation Rule, which mandated that listing agents offer compensation to buyer's agents to list a property on an MLS, impacting commission structures.
Plaintiffs argue that NAR's policies limited sellers' ability to adjust commissions post-offer and facilitated buyer-agents misleading clients about the costs of their services.
Seeking class-action status, the lawsuit aims to represent all individuals who purchased properties through Realtor-affiliated MLSs nationwide since 2002, challenging systemic practices.
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