MLS PIN has agreed to a $3 million settlement fund and alterations in business practices, halting mandatory buyer broker compensation for property listings on MLS. Although Judge Saris granted preliminary approval initially in September 2023, the Department of Justice (DOJ) soon expressed significant concerns, filing an amicus brief and criticizing the amended settlement. Saris emphasized her intent to expedite the resolution of the lawsuit, seeking to conclude it by summer 2024 without further delays or extensions, indicating frustration with the prolonged process.
For me, a primary point of comparison will be the (National Association of Realtors (NAR)) settlement. I don't have strong views on the differences as to what is better, but that's something we can iron out in the preliminary hearing.
This is the slowest moving situation, Saris said at the hearing, according to a report from RisMedia. I don't want to wait 90 days and then another 90 days.
#mls-pin-settlement #doj #national-association-of-realtors #real-estate-law #buyer-broker-compensation
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